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Product ID: 407256EAU
 
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Controlling Costs of Legal Malpractice Insurance

OnDemand Webinar (89 minutes)

Understand the basics of legal malpractice insurance and what you are paying for when purchasing insurance.Legal malpractice insurance is a significant expense for any law firm, and for good reason. Most law firms understand that when claims arise, they do not want to be left unprotected or with insufficient insurance. But too often, law firms believe that insurance is one size fits all or that there is nothing that can be done about the high premiums paid for their insurance. This topic will provide a background on the key drivers of insurance premiums and provide tips for reducing the cost of legal malpractice insurance while still ensuring that the law firm has the insurance it needs. This includes suggestions that not only impact insurance but that help improve the health of the firm as a whole. This information will help you understand the basics of legal malpractice insurance and what you are paying for when purchasing insurance year after year.

Authors

Alanna Clair, Dentons Craig Giometti, Dentons

Agenda

The Scope of Lawyers' Professional Liability Insurance

• Generally What LPLI Covers

• Defense Considerations

• Common Exclusions

The Insurance Application

• Common Questions and Why They Are Important to Underwriters (Practice Areas, Number of Attorneys, etc.)

• Importance of Answering Truthfully

• Considerations for New Applicants

Key Factors Impacting Insurance Premiums

• Important of Assessing What Coverage Is Important and What Coverage Is Not Important

• Key Policy Provisions: Limits, Deductibles, Retroactive/Prior Knowledge Limitations

• Internal Operations: Using Engagement Letters, File Closing Letters, etc.

Addressing Bad Claims History

• Tips From Underwriters to Limit Impact of Prior Claims

Renewal Considerations

• Importance of Reevaluating Practice Every Year and Advising Insurer of Changes

• Explore the Market for Better Coverage/Premium