Beazley Launches Professional Liability Insurance
Policy for Regional Law Firms
Farmington, CT, June 3, 2008
Beazley, a leading insurer of lawyers’
professional liability, is now offering insurance coverage and risk
management resources tailored to the needs of regional law
firms.
Beazley has been underwriting lawyers’
professional liability insurance in the United States for more than
20 years, focusing on both large and mid sized firms. Current
clients include four of the top five law firms as ranked last month
by The American Lawyer; 14 of the top 20 firms; and 66 of the AmLaw
200. Beazley also insures hundreds of smaller law firms.
Building on this broad experience, Beazley has
tailored its new law firm offering to provide comprehensive
coverage at a competitive price for regional general practice firms
with excellent claims experience. These firms, which may be
single city, will typically operate within a distinct geographical
area and have between 35 and 250
attorneys.
Choosing the right professional liability
insurer is a critical business decision for a regional law
firm. Claims can be severe and protracted, threatening a
firm’s reputation as well as its financial health. Claims
severity and attendant rising defence costs continue to be major
concerns for law firms.
“We have built our business on the
understanding that each law firm is unique,” said Beazley
underwriter Tim Rowan. “With our long experience in this
class of business, we know what drives risk and can offer broad
coverage, competitive pricing and responsive service to meet the
demands of our clients.”
Key features of the Beazley service
include:
- Fair and differentiated
pricing. The Beazley rate structure rewards
excellent claims records and strong risk and firm management.
- Duty to defend
coverage. The policy is a duty to defend form that,
subject to its terms, covers damages, settlements, judgments,
defence costs and expenses related to professional negligence,
breach of fiduciary duty, and errors and omissions claims.
- Flexibility to offer coverage on an
admitted or non-admitted basis. Beazley has historically
insured US law firms on a non–admitted basis, and will continue to
do so where appropriate. But coverage is now also widely available
on an admitted basis through Beazley’s A.M. Best A rated US
carrier, Beazley Insurance Company, Inc.
- Focus on claims
service. Expectations are naturally high because law
firm clients understand liability issues better than most other
professions. Beazley has invested heavily in claims expertise
to satisfy clients’ expectations.
- Tailored risk management
programs. Beazley clients obtain risk management
insights developed over decades of underwriting these risks,
helping them stay alert to the latest claims and liability
trends.
Coverage limits of up to $20 million are
available.
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