The new liability policy form includes built-in subpoena coverage and pre-claim assistance, as well as an enhanced ERISA exclusion.
PRODUCT: AmTrust Exec PRO Lawyers Professional Liability.
COMPANIES: AmTrust Financial Services.
BEST RATING: A-
AVAILABILITY: Appointed agents and brokers only.
FOCUS: AmTrust recently introduced a new admitted lawyers professional liability policy that offers flexible, customizable protection for midsized law firms. The admitted product compliments AmTrust's existing non-admitted product, as well as its admitted business, and is now able to provide an insurance solution to agents looking for any type of law firm risk.
“In today's competitive and complex legal environment, even a small error or simple oversight by an individual attorney or a firm can escalate into a costly lawsuit," said Tim Barrett, vice president, AmTrust PRO. “Our underwriters review each risk individually to decide what's the best fit for a firm—whether it's admitted or excess & surplus; primary, excess or quota share; lead or coinsure."
COVERAGE DETAILS: The admitted lawyers professional liability policy form includes built-in subpoena coverage and built-in pre-claim assistance, as well as an enhanced ERISA exclusion to include a carve back for legal services and an enhanced outside interest exclusion with a coverage carve back.
As part of the new policy form, AmTrust expanded the definition of professional services provided for legal proceedings. This broader list includes expert witness; neutral fact finder; title insurance agent; lobbyist; escrow agent; pro bono service provider; author, publisher or presenter of legal material and seminars; as well as a member, director or officer of any bar association.
Other highlights of the policy include pre- and post-judgment interest damages coverage; disciplinary proceedings coverage; full prior acts coverage for eligible firms; personal injury coverage; per diem and independent contractor; predecessor firm coverage; pre-approved defense counsel coverage for select firms; and built-in non-practicing extended reporting period.
Law firms that have primary coverage with AmTrust, as part of the new policy, will have access to risk management support from the national law firm Hinshaw & Culbertson LLP.
TARGET: Midsized regional law firms with a favorable claim history.
COVERAGE AVAILABILITY: All U.S. states and its territories, as well as Canada.
CONTACT: Tim Barrett, vice president, E&S professional lines, AmTrust; 312-416-9339.
Will Jones is IA editor-in-chief.
