Berkley Select Enhances Middle-Market Lawyers Professional Liability Coverage
By: Will Jones
PRODUCTS: Berkley Select Lawyers.
COMPANIES: Berkley Select.
BEST RATING: Berkley member insurance companies are rated A+.
AVAILABILITY: Appointed agents and brokers.
FOCUS: The percentage of lawyers professional liability claims involving payouts of $2 million or more increased substantially between 2016 and 2019, according to the American Bar Association’s most recent claims study. To address the growing risks faced by middle-market law firms, Berkley Select has enhanced its lawyers professional liability offerings, adding new coverages, more flexible policy forms and expanded capacity.
“The Berkley Select lawyers professional liability team are true specialists in this segment. We understand what coverages law firms need to be successful in their business and support their clients,” says Al Roberts, vice president of underwriting, professional liability, Berkley Select. “Brokers can rely on us to be a one-stop shop for their clients’ needs.”
COVERAGE DETAILS: Berkley Select is one of the largest lawyers professional liability insurance providers, currently insuring over 7,000 firms nationwide. Included coverages consist of predecessor firm coverage, a broad definition of a claim, automatic 60-day extended reporting period (ERP), and a definition of legal services that includes title agents, wholly owned title agencies, notaries, pro bono and more.
Coverage enhancements include a social engineering endorsement, an individual lawyer ERP and an expanded definition of legal services to include lobbyists and expert witnesses. For firms with more than 10 attorneys, withheld fee assistance coverage, which provides coverage for unpaid fees due to legal services rendered under an engagement letter, is available.
Other available features include primary and excess limits up to $5 million and an extensive range of deductibles. An optional defense deductible in addition to the limit of liability, first dollar defense and aggregate deductibles are also available.
UNDERWRITING: Berkley Select can provide full prior acts or retro inception to newly formed firms and can provide terms on competitor applications.
TARGET: Berkley Select has expanded its appetite to legal firms with 1-100 attorneys with specialized areas of practice.
COVERAGE AVAILABILITY: All U.S. states.
CONTACT: Al Roberts, vice president of underwriting, professional liability, Berkley Select; 312-800-6243; 550 W. Jackson Blvd. Suite 500 Chicago, IL 60661.
Will Jones is IA editor-in-chief.
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