LEGAL MALPRACTICE INSURANCE INTELLECTUAL PROPERTY LAWYERS

Legal Malpractice Insurance Intellectual Property Lawyers

Legal Malpractice Insurance Intellectual Property Lawyers, Attorney Liability Insurance Intellectual Property Lawyers: Coverage, Limits, Deductible, and Premium, Optimized for Your Firm

If you’re a first-time buyer, we suggest you start here: Legal Malpractice Insurance FAQs

I. Legal Malpractice Insurance Intellectual Property Lawyers –   How We Serve You

We’re legal malpractice insurance brokers and subject matter experts, who enjoy a strong relationship with AIG, CNA, Lloyds of London, and many other “A”-rated legal malpractice insurers.

Our mission is to obtain the best terms that are available in the market for every IP firm.

Here’s an example: in January, 2015, a 6-attorney IP firm contacted us to obtain competing quotes, after it received a renewal quote of $25,421 from its malpractice insurer of many years.

We sent its application to 11 “A”-rated insurers, seven of which offered a proposal. The winning proposal was $17,923, for the same coverage, limits, and deductible as the renewal quote.

We renewed the account for a premium of $18,436 in 2016, and $18,981 in 2017.

Thus, the firm’s premium decreased by more than 25% compared to its 2015 renewal quote, three years in a row, because we aggressively shopped its application.

Can we obtain similar results 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, because they don’t know that legal malpractice insurance pricing is inaccurate and highly variable, or that 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 quote that the firm in the example above received was $26,993, 51% more than the lowest quote, for the same coverage.

This shows how comparison shopping helps firms obtain the best terms. In fact, if a firm doesn’t comparison shop at least every third year, it may not only miss out on better terms, it usually receives inferior terms, because its insurer has no competition for its account.

If you do shop, you’ll find that over a dozen “A”-rated insurers underwrite legal malpractice insurance for IP firms, 6 – 8 of which will likely offer your firm quote, if it’s well-managed.

Click here to see the results we’ve obtained for other firms, including those with 50+ attorneys.

II. Legal Malpractice Insurance Intellectual Property Lawyers – Optimize Your Coverage

A. “Put your best foot forward”: thoroughly explain your practice and procedures to insurers by submitting a completed application, all required supplements, and if necessary, an addendum.

B. “Shop ‘til you drop”: work with a broker who’ll submit your application to every “A”-rated IP malpractice insurer that’ll likely offer your firm coverage, given its attorney count, IP practice areas, etc. Maximizing competition is the key to getting the best terms.

C. Avoid quotes, which overemphasize price, and instead request proposals from each insurer, at various limits, deductibles, and coverage options.  Then compare them to your renewal terms.

III. Legal Malpractice Insurance Intellectual Property Lawyers – Next Step

You can complete an application, as explained below, but if you’d rather find out whether or not your firm is getting the best terms before doing so, then send an us email with your firm’s attorney count, primary practice areas, office location, and current malpractice insurance limits, deductible, and premium (for extra precision, provide each attorney’s month and year of hire). 

We’ll review the information, and advise you whether or not we can obtain materially better terms for your firm.

If we don’t think we can, then we’ll recommend that you stay with your current insurer.

If we do think we can, then we’ll recommend that you complete an application. You can download a blank one from our applications page, or send us the most recent application that your firm completed for its current malpractice insurer; we’ll copy it onto a new application, and send it to you to review.

As mentioned above, we’ll send your firm’s completed application to all suitable insurers for proposals, and after every insurer has offered its best proposal, we’ll send you an analysis, highlighting the best ones so you can easily compare them to your current terms. 

If you accept any of the proposals that we obtained, then the insurer that offered it will pay us a commission, i.e., a percentage of the premium. That’s our only compensation – we never charge you a fee to use our services.

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

IV. Legal Malpractice Insurance Intellectual Property 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.”

V. Legal Malpractice Insurance Intellectual Property Lawyers  – FAQs

Which legal malpractice insurers do you work with?

All of the insurers that underwrite this coverage, i.e., CNA/Columbia Casualty (the Jam-ison program), Markel/Evanston, Lloyds of London, etc.

All of these insurers are A-rated, and have expert underwriters, claims staff, and mal-practice defense counsel.

What policy limits can you obtain?

Up to $5 million per claim/$5 million annual aggregate, which is the maximum that these insurers offer. We can procure higher limits in the excess insurance market.

What size and types of firms do you work with?

Our roster of IP firms includes everything from solos to firms with over 50 lawyers, “pure” IP firms to firms that also practice Business Law, etc., and special situations, IP firms that have an office in Asia or Europe, have had their coverage non-renewed due to malpractice claims, etc.

How often should my firm shop for competing quotes?

Every third year. Market conditions – and most IP law practices – don’t change dramat-ically from year-to-year, so you don’t need to shop more often, unless your current in-surer’s renewal quote is unfairly high. Too, frequent shopping encourages frequent switching of insurers, 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 for IP firms is much more competitive today than it used to be. Five or ten years ago, insurers like CNA/Columbia Casualty (the Jamison program) dominated, but since then, strong US insurers like Markel/Evanston and Admiral have expanded their presence, and strong international insurers like Lloyds of London have entered the market. As a result, there are many more insurers offering broad coverage and competitive pricing than there used to be. Savvy IP firms are capit-alizing on this by exploring the market, and they’re being rewarded.

We know this, because nearly every time an IP 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, or the agent for a malpractice insurance program.

 Why should my firm optimize its malpractice insurance?

Because if it doesn’t, then it’s either overpaying or underinsured: if your firm has ad-equate coverage and limits, but overpays for them, then it’s wasting money – every year.

Conversely, if you think your firm’s premium is reasonable, but it could actually obtain broader coverage and higher limits for the same or less cost from another major insurer – which is highly likely if it’s a good risk and shops around – then staying with your cur-rent insurer is a poor risk management decision.

Besides being competitive, the legal malpractice insurance market is also stagnant. As a result, insurers battle for every account. That’s why 6 – 8 insurers will usually offer a quote to an IP firm, if it hasn’t had any recent claims, and has good risk management systems practice in place, i.e., IP docketing software. 

However, to benefit from this, you have to engage with a broker who’ll work hard for your firm, i.e., ensure that its application discloses all required information, while pre-senting 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 Intellectual Property Lawyers – Who We Serve

We optimize legal malpractice insurance for:

  • New law firms, including solo practices
  • Established firms of all sizes and in all IP practice areas.
  • Special situations: IP firms that have had their legal malpractice insurance can-celled or non-renewed; are merging with or acquiring another firm; are in or emerging from bankruptcy; etc.
  • Independent Contractors

VII. Legal Malpractice Insurance Intellectual Property Lawyers – Further Reading

Risk Management

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