LEGAL MALPRACTICE INSURANCE SECURITIES LAWYERS

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

 

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

 

I. Legal Malpractice Insurance Securities Lawyers – How We Help Your Firm

Most Securities Lawyers buy malpractice insurance.

Great Securities Lawyers optimize their malpractice insurance.

We ensure it.

Here’s how:

A. We’re on a mission: to obtain the best terms that are available in the market for every Securities Law firm.

B. We’re connected: as an independent legal malpractice insurance broker, we have a strong relationship with every insurer that underwrites this coverage for Securities Law firms. Each insurer is “A”-rated for financial strength, and offers law firms broad coverage, expert claim-handling, and risk management services.

C. We help each Securities Law 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.

D. We “shop ’til we drop”: most agents and brokers obtain quotes from three or four legal malpractice insurers. That’s efficient for them, and most firms end up with competitive terms. As a result, it has become standard practice…but not for us.

Why? Because more than a dozen “A”-rated insurers underwrite legal malpractice insurance for Securities Law firms, and 6 – 8 of them 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.

That’s why most agents/brokers usually obtain quotes from 3 – 4 insurers, while we usually obtain proposals from 6 – 8 insurers.

E. 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 risk profile.

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 Securities Lawyers – The Bottom Line

Attorneys’ biggest misconception about the legal malpractice insurance market is not realizing how large and competitive it is.

Several “A”-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 Securities Lawyers – Next Step

You can begin the application process, as explained below, but the most efficient way to begin is by telling us your firm’s attorney count, practice areas, office location, and current malpractice insurance limits and premium.

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 request that you send us a completed 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, which is included in each proposal. That’s our only compensation, i.e., 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 Securities 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 Securities Lawyers  – FAQs

Which legal malpractice insurers do you work with?

All of the insurers that underwrite this coverage, i.e., Admiral, Evanston, Lexington, Lloyds of London, Starstone, Kinsale, 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 includes everything from solos to firms with dozens of Securities lawyers, “pure” Securities Law firms to firms that also practice other types of law, and Securities Law firms that have had their coverage non-renewed due to malpractice claims.

How often should my firm shop for competing quotes?

Every third year. Market conditions – and most Securities Law practices – don’t change dramatically from year-to-year, so you don’t need to shop more often, unless your current insurer’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 Securities Law firms is much more competitive today than it used to be. Five or ten years ago, insurers like Lloyds of London dominated, but since then, strong insurers like Admiral, Evanston, and Starstone have become more aggressive. As a result, there are many more insurers offering broad coverage and competitive pricing than there used to be. Savvy Securities Law 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, 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 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 6 – 8 insurers will usually offer a quote to a Class Action firm, if it hasn’t had any recent claims, and has good conflicts-avoidance 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 Securities Lawyers – Who We Serve

We optimize legal malpractice insurance for:

  • New Securities Law firms of all sizes.
  • Established firms of all sizes. 
  • Special situations: Securities Law firms that have had their malpractice insurance cancelled or non-renewed; are merging or disbanding; are in or emerging from bankruptcy; etc.
  • Independent Contractors

VII. Legal Malpractice Insurance Securities Lawyers – Further Reading

Risk Management

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