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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.

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