Rolling Meadows, Illinois-based Risk Placement Services (RPS) has expanded its exclusive admitted lawyers professional liability program into New York and Texas, states considered to have the largest number of attorneys in the U.S.
With the product expansion, independent agents and brokers serving lawyers and law firms can now expand their capabilities in this critical coverage line.
This program was established in 1985 and is managed by the professional liability experts of RPS PLUS, a nationwide underwriting manager that places over $20 million in lawyers professional liability premium.
Attorneys face a number of E&O claims – from administrative errors, to allegations of abandoning representation, or failing to address the client’s needs in any way. The American Bar Association (ABA) estimates that attorneys will have at least three legal malpractice claims brought against them in the course of their careers.
Lawyers Professional Liability (LPL) insurance is designed to provide coverage for claims that arise from “wrongful acts” committed in the rendering of legal services in the lawyer’s capacity and generally provide both indemnification coverage and claims expense coverage.
Law firms with two to 50 attorneys are eligible for this program. Highlights of the LPL program coverage include limits of liability up to $5 million, express vicarious liability, annual aggregate deductible, unlimited ERP option and automatic 60-day extension for reporting claims.
Source: Risk Placement Services Inc.
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