It takes a lawyer to insure a lawyer.
Lawyers disentangle disputes that turn on arcane points of precedent, legislation, and regulation. They know what lands other attorneys in court, so they understand the missteps and misfortunes that trigger claims against their legal colleagues.
A few examples of lawsuits against lawyers:
- Partners in a failed business deal sue their lawyers to recoup their losses.
- Clients sue their law firm after a stolen laptop allows hackers to steal sensitive client data and sell it on the dark web.
- A lawsuit over unpaid legal fees triggers a countersuit for malpractice.
These kinds of cases generate complexities that require the underwriters of Lawyers Professional Liability (LPL) policies to have substantial legal experience — preferably as a currently or formerly licensed lawyer. Professionals who’ve spent weeks scanning for legal precedents and deposing material witnesses understand legal nuances easily overlooked by people who lack legal experience.
The benefits of legal experience for LPL underwriters
An LPL policy needs to be thoroughly litigated. The language must pass be clear enough to stand in court, and the coverages must provide for the broadest scope of potential liabilities.
These policies must be clearly written to avoid leaving large gaps that are open to multiple interpretations. We’ve taken these lessons to heart at McGowan Program Administrators. Our claims and underwriting teams are made of law school graduates and attorneys.
We understand the practice of law because we are lawyers.
Finding an insurer with staying power
LPL providers come and go. Only a few have been around for decades. Zurich Insurance, our underwriter, has been in the marketplace for 25 years. They haven’t left the market and continue to be one of the few companies that provide insurance to lawyers on a consistently reliable basis.
Make sure your LPL insurance company has proven staying power. Ask how long they’ve been in business continuously. Somebody who’s bounced into and out of the market for many years might not be the best fit for your domestic insurance policy.
In-depth services for lawyers
If you need moral support, McGowan’s legal experts can rally help to your cause. We also provide four hours of free risk-management advice for our clients every year.
We also can deliver competitive, stable pricing and provide access to specific expertise you might have a hard time finding on your own.
These are the kinds of services you might have to do without if you hire a less-experienced provider.
A proactive approach to LPL policies
Nobody likes to learn the gaps in their policy when they file a claim. That’s the wrong time to learn you don’t have enough coverage.
An LPL policy is a straightforward tool to reduce your business liability risks. It’s proactive in the sense that you don’t wait for the market to come to you. Instead, you enter the market and find the insurance you need.
An LPL policy written by lawyers provides an extra layer of protection. Their experience and know-how can help you make the most appropriate decisions for your clients.
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