Zurich North America has launched a new errors & omissions (E&O) policy Employed Lawyers Select, which it claims to give in-house counsel coverage against negligence claims.
According to Zurich, the new policy features a broad definition of ‘insured’ that extends to contract and part-time employed lawyers; a flexible, extended reporting period of up to six years for entity; broad coverage for moonlighting and pro bono work; a three-year look-back provision on insured v insured exclusion; 80/20 cooperation clause.
In addition, Employed Lawyers Select also features punitive damages coverage; no sublimit for securities claims; severability of application; professional services carvebacks to appropriate exclusions; coverage for claims; and coverage for personal injury claims.
The company said that the Employed Lawyers Select will also be offered to customers who work closely with Zurich’s financial enterprises and healthcare teams.
Marcia Munn, head of professional liability for specialties business unit at Zurich, said: “Without negligence coverage, in-house attorneys could be uninsured against lawsuits arising from any erroneous legal services they might provide their employers.”
Brad Gow, head of specialties errors & omissions group at Zurich, said: “This coverage is designed for companies of all sizes, from Fortune 1000 companies to smaller businesses looking to provide comprehensive coverage for their in-house counsel, no matter how many lawyers they have on staff.”