TUESDAY, JUNE 30, 2015
If you have a professional liability policy or what is also called an errors & omissions policy, you must report a claim even it is just a suspected claim. Any matter that gives rise to a claim must be promptly reported. Failure to do so can forfeit the insurance coverage. Many insurance companies for lawyers professional liability coverage even provide hot lines so the insured lawyer can call to discuss potential matters and whether it is prudent to report a claim. It may even be anonymous and is usually a third party law firm that specializes in lawyers professional liability and is contracted with your insurance company to provide these services for free. The insurance company wants to make it as easy as possible for the professional to submit a claim. Why? Because the insurance company looks at the potential claim impartially and it is their call as to whether it is a claim or not. Just because you're a lawyers and make decisions for clients doesn't mean that you can make the decision as to whether you have a claim or not for the insurance company. That's for the insurance company and the company's lawyers to decide. In my many years in the insurance business, I have always advised clients to disclose and not withhold information from their insurance company. Never give an insurance company a reason to deny a claim.
Please refer to your policy for the benefits, exclusions, limits and coverages that will apply for your lawyers professional liability insurance policy. These are not standard policies so we highly recommend reading your policy and meeting with your insurance advisor to discuss any questions. Triest Agency specializes in lawyers professional liability insurance for lawyers in South Carolina and Georgia. Established in 1903, Triest Agency is one of the the oldest family owned insurance agencies in the country.
Posted 3:34 PM