LEGAL MALPRACTICE INSURANCE IMMIGRATION LAWYERS

Legal Malpractice Insurance Immigration LawyersLegal Malpractice Insurance Immigration Lawyers, Attorney Liability Insurance Immigration Lawyers: aggressive comparison shopping to find you the broadest coverage at the best price. ‘A+’ insurers. Free quotes. 1-page app: download below or apply on-line.


We’re Lawyers Insurance Group, legal malpractice insurance brokers.

Our mission is to obtain the broadest coverage at the best price for every law firm.

We accomplish this by scouring the market on firms’ behalf, leveraging our access to dozens of “A”-rated legal malpractice insurers. We also provide attentive service, expert advice, and strong coverage advocacy if you incur a claim.

We even help firms that have unusual malpractice insurance needs:

  • Coverage non-renewed.
  • Insurers won’t offer quote.
  • Policy limits > $5 million.
  • Office outside of the U.S.
  • Merging with or acquiring another firm.

Fill out our on-line application to receive no-cost, no-obligation quotes.

We’ll send your application to all viable insurers, based on your firm’s risk profile,  contact you when we receive their quotes, and answer all of your questions.

It’s a low-key process, without any sales calls or pressure.

I. Legal Malpractice Insurance Immigration Lawyers – What You Need to Know

Immigration law is considered to be ‘low-risk’ for malpractice claims, so the major legal malpractice insurers – CNA, Travelers, Hartford, etc. – generally compete aggressively for Immigration law firm accounts.

In fact, in most states, more than a dozen “A”-rate insurers offer coverage to Immigration law firms.

The policy limits you choose are a key determinant of the premium. They’re expressed as “per claim / all claims incurred during the policy year”, i.e., limits of $100,000/$300,000, which are the minimum that insurers offer, mean that the insurer will pay a maximum of $100,000 for any claim that the firm incurs and reports during the policy period, which is one year, and a maximum of $300,000 for all claims that it incurs and reports during the policy period.

The next level of limits is $250,000/$250,000, which increase the premium by about 30%, followed by $250,000/$500,000, $500,000/$500,000, $1 million/$1 million, $1 million/$2 million, etc., each of which costs about 10% – 20% more than the next lowest limits.

The policy covers legal fees and other defense costs, and any judgment or settlement paid to the plaintiff. However, as legal fees are paid, they’re deducted from the per claim limit, leaving that much less to pay any judgment or settlement. If the limit is used up before the claim is resolved, then the firm has to pay any additional sums out-of-pocket.

The cost to defend a legal mal. claim against an Immigration law atty., is generally $50,000 – $75,000 through the filing of a Motion to Dismiss, and at least $200,000 – $250,000 through trial, if necessary, so we encourage firms to carry a per-claim limit of at least $500,000 per attorney, to allow for a defense through trial and an award to the plaintiff. 

Here’s the typical annual premium for a sole practitioner at various policy limits: 

   Policy Limit                          Deductible      Annual Premium (+ or – 10%)              

$100,000/$300,000                  $2,500             $550              
$250,000/$250,000                  $2,500             $750          
$500,000/$500,000                  $2,500             $850          
$1,000,000/$1,000,000            $2,500             $1,100           

Notes:
*Limits of 2,000,000/$2,000,000 are the highest the insurers will offer a solo. We can obtain higher limits in the excess insurance market, i.e., $3,000,000/$3,000,000, although few solos need them.

*A $1,000 per claim deductible is lowest the insurers will offer a solo. The highest is $10,000. The other options are $2,500 and $5,000. Each higher level above $1,000 reduces the premium at by about 6%.

*A 2-atty. firm will pay about 70% more than a solo at each of the policy limits shown above, i.e., about $1,800 for a $1M/$1M limit.  

*The premiums above are for a policy with no prior acts coverage, i.e., no coverage for legal services that you provided before the inception date of your policy. Each year that you renew, the renewal policy will have an additional year of prior acts coverage, back to the inception date of your first policy. Because of this, the premium rises about 15% – 20% in each of the first five years that renew your coverage, i.e., years 2 – 6. Thus, your premium will roughly double over that time from the premiums shown above, independent of any other factors that affect it. However, prior acts coverage is essential, because most legal malpractice claims aren’t filed until 1 – 4 years after the underlying error or omission was made. Further, if your coverage lapses even for one day, you lose all of your prior acts coverage, so it’s imperative that you renew on time every year.

*You can finance the premium: 20% or 25% down, and the balance payable in nine monthly installments. Finance charges will apply.

*The AILA program is a good program, but we receive a steady flow of applications from attorneys who are in it, and are almost always able to find them materially better terms with another insurer.

To get the best terms, make sure that your broker solicits quotes for you from at least seven insurers. Maximizing competition for your account is the key to success.

II. Legal Malpractice Insurance Immigration Lawyers – How We Serve You

Here’s an example of our approach:

A 5-lawyer firm contacted us to obtain competing quotes, after its malpractice insurer offered it a renewal quote of $10,587. The firm’s current premium was $9,646, for policy limits of $500,000 per claim/$500,000 for all claims, and a deductible of $5,000 per claim.

We sent its application to 12 “A”-rated insurers; eight offered quotes. The best quote was $7,853 for the same terms as the current policy. We had also solicited quotes at higher policy limits, and the same insurer quoted $9,472 for limits of $1,000,000/$1,000,000. The firm accepted it, and thus doubled its limits for less than its current premium, due to our aggressive shopping.

We’ve obtained similar results for many other firms. Can we do so for your firm? The only way to find out is if we obtain proposals for you.

The larger point is that most attorneys don’t comparison shop, and thus often buy inadequate, overpriced coverage.

Why? Because they don’t realize that legal malpractice insurance pricing is imprecise and highly variable, and the market is intensely competitive.

The premiums that a legal malpractice insurer charges are essentially guesses, because it doesn’t know how much it will spend to defend and settle claims, which are its biggest expense.

Further, pricing varies widely among insurers, i.e., the highest competing quote that the firm in the example above received was 34% more than the lowest quote, for identical coverage.

That shows how important it is to comparison shop.

In fact, a firm that doesn’t comparison shop at least every third year usually receives inferior terms, because its insurer has no competition for its account.

If your firm does shop, and it’s well-managed and has a good claims record, then 7 – 10 “A”- rated legal malpractice insurers will likely offer it quotes, some of which may be much better than its renewal quote.

III. Legal Malpractice Insurance Immigration Lawyers – Optimize Your Coverage 

Work with a broker who’ll submit your application to every “A”-rated malpractice insurer that’ll likely offer your firm coverage, based on its risk profile. Maximizing competition is the key to getting the best terms.

IV. Legal Malpractice Insurance Immigration Lawyers – Learn More or Request  Proposals 

The form will give the insurers enough information about your practice to offer “ballpark” terms, without your having to complete a full application.

We’ll send your form to all suitable insurers, and contact you as they respond. If you like any of the estimates that we obtain, then you can complete a full application and provide any other information that the insurer needs to offer you a firm, final proposal. The premium of the final proposal usually matches or is very close to the estimate.

NOTES: 

bnce•   If you filled out an application or premium estimate form for another broker    b……     or any insurer, send us that, instead of filling out our form.  

        •  All proposals that we obtain for you are no-cost, no-obligation.

If you accept any of them, then the insurer that offered it will pay us a percentage of the premium as a commission.

That’s our only compensation; we don’t charge any fees.

We thus have every incentive to find you the best terms available in the market.

V. Legal Malpractice Insurance Immigration Lawyers – 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…he actually advised me to simply renew with my current carrier, despite the fact that it would not have led to any monetary compensation for him…” (Rating: 5 stars out of 5.)

Full review: http://www.yelp.com/biz/lawyers-insurance-group

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.”

VI. Legal Malpractice Insurance Immigration Lawyers – 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 Immigration Lawyers – Further Reading

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