Have you considered Excess insurance?
With claims costs on the rise, the time may be right for you to consider purchasing Excess insurance. It only takes one claim to seriously dent your coverage limits, and Excess insurance acts as a backstop should you hit the policy limit under your mandatory plan.
Consider these facts:
- One out of every two lawyers who read this article will report a claim or potential claim against them in their career. Of these, one in 100 claims will top the $500,000 mark.
- Think you’re immune to claims because you’re an experienced lawyer? Think again: 67 per cent of lawyers who reported a claim or potential claim had 15 years of experience or more. In other words, of the approximately 11,000 claims reported in the past five years, approximately 7,400 were reported by experienced lawyers.
- Traditionally, lawyers begin to take on more complex cases with more experience which increases the chance of a claim. Lawyers also take on greater workloads and enter into fields they might not have much experience in, such as dabbling in real estate or corporate law. This increases the likelihood of mistakes.
- Further, keep in mind the work of your partners, associates and employed lawyers, which can potentially expose you to a claim. While you might be diligent, your associates might make a mistake. You could be personally liable for any costs over and above the $1 million per claim provided by the primary liability insurance program.
Applying for Excess insurance is easy: Contact our Customer Service department at (416) 598-5899 or 1-800-410-1013. They will send you a no obligation quote. If you chose to increase your coverage limits, you need only apply once. Your Excess insurance is renewed each year without the need for a new application.
Placing your Excess coverage with LAWPRO also simplifies your reporting obligations if you have to report a claim: You report only once – as your primary and Excess insurer are one and the same.
The comfort of knowing you’re covered is priceless. Call LAWPRO today to get your no obligation quote.
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