Call Us Today For A Free Quote | 866.940.1101
Professionals Insuring Professionals

Lee NorcrossAttorney Asks:

Why did the attorney malpractice premium not go down at renewal?  I decided to switch to all criminal work which I know is a lower risk area of practice, but the renewal application only wants to know what was done in the past year.  I told carrier that I want the practice areas changed to criminal anyway.  I want a lower rate this year.


The Lawyers Professional Liability Insurance renewal application is meant to capture what was done on retrospective basis.  Attorney malpractice insurance is written on a claims-made policy form.  Your renewal claims-made malpractice policy not only covers acts that occur in the current year, but covered acts that occurred in the past.  That is why it is important to maintain your prior acts date.  Most attorney malpractice claims are reported for acts that occurred in prior policy years.  The claims-made policy form is designed to handle these claims.  The claims-made policy inforce at the time the claim was made is the policy that will cover the claim.  Many people get confused with occurrence policy forms.

If attorney malpractice insurance policies were written on an occurrence policy form, then changing the areas of practice in the current year and having the rates change at the same time would make sense.  As then the current areas of practice would reflect the future exposure of reported claims as claims would be covered by when the act occurred, not when the claim was reported.

Given the retrospective nature of the claims-made malpractice coverage, rating the firm for what it has done in the past, not want it plans to do more accurately reflects the exposure.  This can be frustrating to many an attorney that is expecting an immediate change in the premium insurance cost

Share |

No Comments

Post a Comment
Required (Not Displayed)

All comments are moderated and stripped of HTML.
Submission Validation
Change the CAPTCHA codeSpeak the CAPTCHA code
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2013
  • 2011

View Mobile Version
Quick Contact
We love referrals! And thank you even more for your continued business.
Customer Service
Self policy service any time of the day, directly from our website.
Join Our Newsletter
Stay in touch with the latest events, news and offers we have.
From Our Blog From Our Customers
Read More Read More
Facebook Twitter LinkedIn Google Maps
Stay In Touch With Us Helpful Site Links Contact Us
Sign up now to receive new and updates 5075 Cascade Rd. SE, Ste. E
Grand Rapids, MI 49546

Local: 616.940.1101
Toll Free: 866.940.1101
We have the expertise to find you the right coverage at the right price 
Powered by Insurance Website Builder