LEGAL MALPRACTICE INSURANCE PATENT LAWYERS

LEGAL MALPRACTICE INSURANCE PATENT LAWYERS

Legal Malpractice Insurance Patent Lawyers: aggressive comparison shopping to find you the best coverage and price. Access to all major “A”-rated insurers. Free quotes. 1-page online application.

 

We’re Lawyers Insurance Group, legal malpractice insurance brokers serving Patent lawyers. (Trademark lawyers page )

Fast Facts:

  • Most solo Patent lawyers will pay $2,500 – $3,500 for their first policy.
  • Premiums are about 25% lower in TX, PA, NY, GA, and DC.  
  • The premium is based mainly on your firm’s atty. count, Patent practice areas, policy limits, and county/state.
  • Each attorney added to a policy, costs less than the prior attorney(s): a 2-atty. firm will pay about 70% more than a solo, a 3-atty. firm will pay about 125% more, etc. 
  • Most solo Patent lawyers buy policy limits of $500,000 per claim/$1,000,000 all claims. Each higher level of limits – $1,000,000/$1,000,000, $1,000,000/$2,000,000, etc. – costs another 10% – 25%. 
  • Premiums are about 15%  higher in NYC, NJ, Miami-area, LA-area, and San Francisco; 15% lower in rural areas.
  • Attorneys who practice 26 or fewer hours per week, qualify for a part-time rate, which will reduce the premium 25% – 35%.
  • Patent law is considered to be ‘high-risk’ for malpractice claims, so patent law firms generally can’t obtain coverage from the major standard market insurers, which cover most firms, and must instead shop in the non-standard market, which has fewer insurers and higher premiums.

Apply, Quote, Buy:

  • Fill out our short on-line application or download it below.
  • We’ll send your firm’s application to all viable insurers, based on its risk profile (firm size, practice areas, county, etc.), and request proposals at different limits and deductibles, so you can make the optimal choice.
  • We’ll send you a summary of the insurers’ responses, highlighting the best ones, in 3 – 5 business days. We’ll explain the coverage and policy limits, answer your questions, and send you any insurer’s policy to review, if desired.
  • If you want to accept any of the proposals, you’ll have to complete that insurer’s long application to receive binding quotes, which should match the proposals. We’ll fill it out to the extent possible, based on the short application that you submitted, and send it to you to finish.
  • If you accept any insurer’s binding quote, your coverage will be in place.
  • Pay the premium in full or finance it (15% down, followed by 11 monthly payments).

Contact me, if you have any questions or want help with the application:
Curt Cooper, Managing Broker
(202) 802-6415 | ccooper ‘at’ lawyersinsurer.com
Licensed Insurance Producer in CA, DC, GA, MD, MI, NJ, NY, OH, PA, TX, VA, WA, etc.
National Association of Insurance Commissioners Reg. #1017031


We’ll send your application to all of the patent law insurers that offer the best terms:

Jamison/CNA
Jorgensen/Scottsdale (the Firemark program)
Lloyd’s of London
Hudson Insurance Company (select states only)
Arch Insurance Company (maximum limits of $250,000/$500,000)


I.
 Legal Malpractice Insurance Patent Lawyers – Application Help for First-Time Buyers

  1.   Practice areas grid: allocate your billings by percentage per Patent practice area, i.e., 30% domestic patent prosecution, 20% patent infringement counseling, etc.

If your firm has been open for a year or more, then fill out the grid based on your gross billings for the last 12 months. If it’s been open less than 12 months, fill out the grid based on your billings to date, plus your projections for the remainder of your first 12 months.

The application asks when your firm was founded, so the insurers will know if your figures are projections, and they won’t penalize you, if your projections turn out to be inaccurate. When your policy renews next year, you’ll have a year of data, and will be able to report your practice areas accurately.

Your coverage won’t be restricted to the practice areas that you list on the application.

  1.   Risk management: docket/calendaring, conflicts-checking, and use of engagement letters/non-engagement/termination letters.

You won’t get quotes unless you have at least basic risk management procedures in place, so don’t apply until you do.

Even if you don’t handle litigated matters, you’ll still have deadlines to meet, and the insurers will expect you to use a primary and back-up calendar, preferably one designed for patent law practice, i.e., DocketTrak.

If you answer the questions “no”, i.e., you don’t use any calendaring or conflicts-checking tools, or a retainer agreement or engagement letter, then every insurer will decline your application. See #19 on our FAQs page for a list of acceptable tools. Some manual tools are listed, but computerized tools, are preferred.

  1. Back-up attorney: most insurers require sole practitioners to have a back-up; several insurers require the back-up’s name and address.

The person’s role is to contact your clients and any other relevant parties, and obtain any necessary postponement/extension until you return, if you incur an accident, illness, etc., that leaves you unable to handle your cases. In an extreme situation, the back-up will arrange for replacement counsel, or take over your cases, although that’s not required.

There’s virtually no liability risk, because the back-up doesn’t establish an atty.-client relationship, unless he/she takes over the cases.

Any attorney USPTO-admitted atty. will suffice, preferably one who’s also barred in your state of domicile. 

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

We scour the market to find the best terms for each firm, leveraging our access to all of the “A”-rated legal malpractice insurers that cover patent law firms.

Here’s an example of our approach:
A 6-attorney patent prosecution 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 8 “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 patent law 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 5 – 7 “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 Patent 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 Patent Lawyers – 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:

•   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.

• 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. 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. Who We Serve

  • New IP law firms, including solo practices.
  • Established firms of all sizes and in all IP practice areas.

VII. Legal Malpractice Insurance Explained

VIII. Reduce Your Risk of Committing Legal Malpractice

Calendaring/Docketing Best Practices

Conflict of Interest Avoidance Best Practices

Engagement Letter/Retainer Agreement Best Practices

Billing Practices to Increase Realization Rates and Avoid Fee Suits

Patent Law Risk Management

 

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