Global insurance broker and risk adviser, Marsh has rolled out a new individual professional liability protection policy for individual lawyers, to help them protect own professional liability limits beyond those of their firms.
Dubbed as Attorney PersonalProtect, the product offers cover in excess of any professional liability protection a law firm purchases. It aims to protect individual lawyers, if their firm’s underlying protection be exhausted or cease to exist.
Marsh FINPRO E&O placement practice leader Richard May said although law firms typically obtain professional liability insurance on a practice-wide basis, genuine concerns exist among individual lawyers regarding the adequacy of shared insurance protection.
"Events such as a firm’s breakup or bankruptcy, for example, could lead to professional liability coverage being canceled with no extended reporting period provision to cover subsequent claims made against individual attorneys," Richard added.
Underwritten by Berkley Select, Attorney PersonalProtect offers $1m in coverage for $2,500 in premium.
Coverage encompasses prior acts, regardless of whether coverage is provided by a lawyer’s current firm, and will remain in effect should the individual insured move firms.