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

 

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

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

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

Here’s an example: in January, 2015, a 3-attorney firm asked us to obtain competing quotes, after it received a renewal quote of $8,194 from its malpractice insurer of many years. 

We sent its application to 12 “A”-rated insurers, eight of which offered a proposal. The winning insurer’s proposal was $5,409, for the same coverage, limits, and deductible as the renewal quote.

We renewed the account with the same insurer for a premium of $5,579 in 2016, and $5,731 in 2017.

Thus, the firm’s premium decreased by over 30% compared to its 2015 renewal quote, three years in a row, for identical coverage, 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.

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 quote that the firm in the example above received was $8,067, 49% more than the lowest quote, for the same coverage.

This 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 comparison shop, it’ll find more than 15 “A”- rated legal malpractice insurers ready to compete for its business, 7-10 of which will likely offer it a quote, if it’s well-managed and has a good claims history.

II. Legal Malpractice Insurance Securities Lawyers – Optimize Your Coverage 

A. “Shop ‘til you drop”: 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.

B. 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 Securities Lawyers – Learn More or Request  Proposals 

It will give the insurers enough information about your practice to provide you with “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:

        •   If you filled out a full renewal application for your current insurer (not a one
or two page form that asks if your practice has changed in the last year), then send us that, instead of filling out the premium estimate form.

       •   The premium estimate form contains a grid that requires you to allocate your   firm’s last 12 months’ billings among its practice areas.

Securities law, Tax law, and other practice areas that the insurers consider higher risk, require completion of a supplement.

Attached to the premium estimate form is a page that contains the supplemental questions for Plaintiff’s Litigation, Real Estate law, Collections, and Mergers & Acquisitions.

Download the supplement for other practice areas from our applications page, or send us the most recent supplement(s) that your firm completed for its current malpractice insurer.

        •  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.

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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