Malpractice Insurance Basics Webinar Episode#1: An Introduction to LPL Policy Terms
LPL Insurance Basics
- Welcome and Introduction
- National Broker
- Specialists in Insurance products for law firms:
- Professional Liability Insurance
- Definition: Claims made policy that protects law firms and individuals against claims made for inadequate work or negligent actions.
- Claims Made Policy vs Occurrence Made Policy
- Who is covered?
- LPL Policies cover everyone who works for the firm; attorneys, paralegals receptionist, law clerks etc. from the date they are hired and forward
- What Is covered?
- Professional services
- Arbitration and Mediation
- Notary services
- Fiduciary and Trustee
- Limits of Liability
- Claims Expense Inside Limits (CEIL)
- Claims Expense Outside Limits (CEOL)
- Per Claim
- First Dollar Defense
- Retro Dates/Prior Acts Dates
- A retroactive date defines how far back in time a loss can occur for the policy to cover a claim. If a claim happens prior to your retroactive date it is not covered under your policy.
- Full Prior Acts – Full prior acts replaces a specific retro date and means there is no limitation on the look back period for an act that causes a claim.