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:
    • LPL
    • CYBER
    • EPLI

• 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)

• Deductible
  • Per Claim
  • Aggregate
  • 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.