LEGAL MALPRACTICE INSURANCE INTELLECTUAL PROPERTY LAWYERS

Legal Malpractice Insurance Intellectual Property Lawyers

 

Legal Malpractice Insurance Intellectual Property Lawyers, Attorney Liability Insurance Intellectual Property Lawyers: Aggressive Comparison Shopping to Find You the Best Terms. “A”-rated Insurers. 1-page Application.

 

We’re Lawyers Insurance Group, legal malpractice insurance brokers and subject matter experts.

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

We also 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.
  • Emerging from bankruptcy.
  • Low-cost tail coverage.

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

We scour the market to find the best terms for each firm, leveraging our access to CNA, Markel, Lloyds of London, and other “A”-rated legal malpractice insurers, including all insurers that cover IP firms.

Here’s an example of our approach:
A 6-attorney IP firm asked us to obtain competing quotes, after its malpractice insurer offered a renewal quote of $32,533. Its current premium was $28,961, for policy limits of $2,000,000 per claim/$2,000,000 for all claims, and a deductible of $25,000 per claim.

We sent its application to 13 “A”-rated malpractice insurers; seven offered quotes. The best quote was $22,557 for the same terms as the current policy. We had also solicited quotes at higher policy limits, and the same insurer quoted $28,638 for limits of $4,000,000 per claim/$4,000,000 for all claims. 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 IP 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, 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 competing proposal that the firm in the example above received was 36% more than the lowest proposal, 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 6-8 “A”- rated legal malpractice insurers will likely offer it quotes, some of which may be much better than its renewal quote.

II. Legal Malpractice Insurance – 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.

III. Legal Malpractice Insurance – Learn More or Request  Proposals 

It’ll 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 quote. The final quote usually matches or is very close to the estimate.

NOTES: 

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

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

bncl.l.l.e.If you accept any of them, then the insurer that offered it will pay us a mmmm bnc…eo percentage of the premium as a commission.

llbn.c…eThat’s our only compensation; we don’t charge any fees.

bl.lnc..e.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  – Q & A

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, i.e., 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

Print Friendly, PDF & Email