Legal Malpractice Insurance: Surviving the Perfect Storm
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This article serves as a practical guide to legal malpractice insurance. Part I introduces the topic of legal malpractice insurance with a brief overview of the changes that occurred in market conditions in 2000 and the subsequent effect on insurance premiums and coverage. Part II outlines the different types of insurance coverage that are available to legal professionals by describing common policy terms, exclusions, and conditions that affect coverage. Part III describes changes in law firms that may affect coverage. Part IV provides legal professionals with useful advice to consider when choosing an insurance policy. Part V reveals important factors to address and preparatory steps to take when applying for insurance. Part VI details the various actions an insured should take in the event of a claim. The article concludes by briefly reiterating the importance of making an informed decision when purchasing legal malpractice insurance.
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