THURSDAY, FEBRUARY 12, 2015
The state of South Carolina doesn't mandate that lawyers have lawyers professional liability coverage but most lawyers have this coverage. It is partly a financial responsibility to ensure that their client is covered if they make a mistake and also to provide protection for their assets if they make a mistake. Nobody is perfect and mistakes are made even by the very best lawyers. Its a complicated business practicing law in South Carolina with many rules and regulations that lawyers are required to follow. At Triest Agency we specialize in providing lawyers professional liability insurance. We consider ourselves to be specialist because we concentrate on having a wide assortment of insurance companies available and also because we understand the mechanics of this type of coverage. Having wide assortment of insurance companies is crucial because of a company's appetite. What's a company's appetite? Every insurance company decides based on their planning what types of law firms they want to insure and the premiums that they'll charge. As we know from the last real estate crisis many insurance companies have completely eliminated from their appetite any firms that do usually more than 25% in real estate. And other companies will insure these practices but charge much higher premiums. Having many difference companies like Travelers, Attorney Protective, Zurich, Hanover, Carolina Casualty, AIG, Ironshore, Lloyds of London and others give us a side assortment of companies to shop for our client's lawyers coverage. What's even more confusing for our clients is that the appetites of of insurance companies change. Also insurance companies may decide that they have a large exposure of lawyers who specialize in real estate and then decide to concentrate of diversifying their exposure by insuring other disciplines. More to follow in our blogs.