Legal Malpractice Insurance BrokerLegal Malpractice Insurance Broker, Attorney Liability Insurance Broker: Coverage, Limits, Deductible, and Premium, Optimized for Your Firm



I. Legal Malpractice Insurance Broker – How We Help Your Firm

Most law firms buy malpractice insurance.

Great law firms optimize their malpractice insurance.

We ensure it.

Here’s how:

A. We’re connected: We’re an independent legal malpractice insurance broker that has a strong relationship with AIG, CNA, Westport, and the other major legal malpractice insurers. Each one is “A”-rated for financial strength, and offers law firms broad coverage, expert claim-handling, and risk management services.

B. We help each firm “put its best foot forward”, by reviewing its application, and suggesting any revisions or addendums that will better explain its practice and procedures to insurers.

C. We “shop ’til we drop”: most agents and brokers solicit quotes from 3 – 5 legal malpractice insurers. That’s efficient for them, and most firms end up with a competitive quote. As a result, it’s standard practice…but not for us.

Why? Because more than 15 “A”-rated legal malpractice insurers compete in most states, 7 – 10 of which will likely offer coverage to a firm, if it has a good claims history, etc. We identify those insurers for a firm, based on its risk profile, and submit its application to all of them, because maximizing competition is the key to getting the best terms.

D. We avoid quotes, which overemphasize price, and instead solicit proposals from each insurer, at various limits, deductibles, and coverage options, based on a firm’s current coverage.

After every insurer has offered its initial proposal(s), we circulate the best ones, and sol-icit another round of proposals. We repeat this process until every insurer has offered its best proposal(s).

We then present the proposals to the firm – there are usually a dozen or more – high-lighting the best ones, so it can compare them to the renewal terms offered by its current malpractice insurer. The best proposal usually offers a superior combination of cover-age, limits, deductible, and premium.

That’s legal malpractice insurance…optimized.

II. Legal Malpractice Insurance Broker – The Bottom Line

Highly-rated legal malpractice insurers may be willing to offer you a great proposal on your next policy, but to find out, you must apply to them for coverage.

To do that, you have to engage with a broker who has access to those insurers, and will scour the market to find great proposals for you. We’re that broker. And if we don’t find a great proposal for you, then you can renew with your current insurer.

III. Legal Malpractice Insurance Broker – Next Step

Click this link – Apply for Legal Malpractice Insurance – to complete an application, or arrange to send us an application that your firm completed for its current mal-practice insurer.

IV. Legal Malpractice Insurance Broker – Attorney Feedback

“I recently worked with Curtis…I thought he did an excellent job staying in touch with me and giving me fair advice, without pressure to purchase anything in particular…this is exactly the type of professional I want to do business with.” (Rating: 5 stars out of 5.)

Full review:

We received this email from the owner of a law firm for whom we procured malpractice coverage after its existing coverage was non-renewed:
“From beginning to end, you have served us so well, keeping me informed every step of the way.  Thank you Curtis!  I will recommend you without hesitation to any lawyer in need of a professional insurance broker.”

V. Legal Malpractice Insurance Broker – Q&A

Who are the leading legal malpractice insurers?

AIG, CNA, Chubb, Hartford, Travelers, Westport, and Zurich are the best-known. Others include Aspen, Markel, and Wesco, plus specialty insurers like Admiral and Evanston, which cover firms the other insurers won’t, i.e., those that have a poor claims history, or handle patent, securities, or other ‘high-risk’ matters.

All of these insurers are A-rated, and have expert underwriters, claims staff, and mal-practice defense counsel. We have a strong relationship with each of them.

What policy limits are available?

Most of the major insurers offer limits up to $10 million per claim/$10 million annual aggregate; a few offer limits up to $15M/$15M. We can procure higher limits in the excess insurance market.

What size and types of firms do you work with?

Our roster includes everything from solos to firms with over 100 lawyers, multi-practice firms to one-practice firms in every specialty from Administrative law to Workers Comp. law, and special situations, i.e., firms that are merging with or acquiring another firm, have had their coverage non-renewed due to malpractice claims, etc.

Which firms pay the least and most?

Appellate, criminal defense, and immigration firms pay the least, followed by civil/ insurance defense firms. Class action, securities, and patent firms pay the most, fol-lowed by real estate and personal injury/medical malpractice firms. Firms in other prac-tice areas firms pay somewhere in between these extremes.

However, every insurer has its own rating formula for each practice area, and most firms experience a wide variance in pricing from insurer to insurer, and thus benefit greatly from shopping for competing quotes.

How often should my firm shop for competing quotes?

Every third year.

You don’t need to shop more often, unless your practice changes dramatically or your insurer’s renewal quote is unfairly high, because market conditions don’t change that much from year-to-year. Too, frequent shopping encourages frequent switching of in-surers, which will work against your firm in the long run, because many insurers will assume that you’re a “bargain hunter” who’ll leave after a year or two to save a few dollars, and thus won’t offer you their best quote.

Conversely, shopping infrequently, i.e., every four or more years, all but guarantees that your firm is getting a bad deal, because your insurer has no competition for your ac-count.

We’ve been with our current insurer for a long time. Why consider switching?

Because the legal malpractice insurance market is much more competitive today than it was 5 – 10 years ago, when insurers like AIG, CNA, Westport, ALPS, and Minnesota Lawyers Mutual were dominant.

Since then, aggressive, well-capitalized insurers like Aspen, AXIS, XL Catlin, Markel and Wesco have either entered the market or expanded their offerings. As a result, many more malpractice insurers now offer law firms broad coverage and competitive pricing.

Savvy firms are capitalizing on this by exploring the market, and they’re being rewarded.

We know this, because nearly every time a firm engages us, we “beat the pants off” of its current terms. This happens whether the firm bought its coverage through a local agent, a national broker, the agent for a malpractice insurance program, or directly from a mal-practice insurer – even the one endorsed by its state bar association (which is often the least competitive, because the insurer knows that many lawyers will follow the bar’s rec-ommendation without shopping around).

Why should my firm optimize its malpractice insurance?

Because if it doesn’t, then it’s either overpaying or underinsured: if your firm has ade-quate coverage and limits, but overpays for them, then it’s wasting money – every year. Conversely, if your firm’s premium seems reasonable, but it could obtain broader cover-age and higher limits for the same or less cost from another major insurer – which it likely can, if it’s a good risk and shops around – then staying with your current insurer is a poor risk management decision.

Besides being competitive, the legal malpractice insurance market is also stagnant, so insurers battle for every account. That’s why 7 – 10 insurers will usually offer a quote to a firm, if it hasn’t had any recent claims, avoids ‘high-risk’ matters, and has good con-flicts and docketing systems.

However, to benefit from this, you need to engage with a broker who’ll work hard for your firm, i.e., ensure that its application discloses all required information, while presenting the practice in the best light; identify all viable insurers for your firm based on its size, practice areas, etc., and aggressively market to and negotiate with them on your firm’s behalf. That’s where we come in.

VI. Legal Malpractice Insurance Broker – Who We Serve

We optimize legal malpractice insurance for:

  • New law firms, including solo practices
  • Established firms of all sizes and in all practice areas, including high-risk practice areas like Securities, Sports/Entertainment, Real Estate, IP, and Personal Injury/ Medical Malpractice/Class Actions.
  • Special situations: law firms that have had their legal malpractice insurance can-celled or non-renewed; are merging or disbanding; are in or emerging from bankruptcy; etc.
  • Independent Contractors

VII. Legal Malpractice Insurance Broker – Further Reading


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