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Common Terms & Definitions

AGGREGATE LIMIT

Often stated in annual terms, this is the total payable limit of the insurance per policy period.

CLAIMS EXPENSE OUTSIDE THE LIMITS

Claims expense outside the limits means the cost of defending a claim does not reduce the amount available to pay a claim.

CLAIMS MADE POLICY

Claims made policies offer coverage if a claim is reported during a policy period. Policy periods may extend retroactively to earlier dates, or may initiate when the policy first became effective.

FIRST DOLLAR DEFENSE

Some policies offer this feature which affects how a deductible is paid. With First Dollar Defense a deductible is only paid in the event a judgment is rendered against or a settlement reached on behalf of the insured.

REINSURANCE

Insurance purchased by a carrier to provide coverage for excessive company losses, which adds to financial stability. Reinsurance purchase transfers a portion of the risk from the carrier to the reinsurer, which is usually a larger company.

CLAIMS EXPENSE INSIDE THE LIMITS

When claims expenses are “inside” the limits of liability, the cost of defending a claim reduces the amount remaining to pay the claim.

CLAIMS MADE RATES

Under the Claims-Made policies, insured rates are based on the period of covered exposures; higher rates are charged for longer exposure periods. These rates mature or peak at the fifth year of coverage under a claims-made policy. Conversely, first year claims-made rates are relatively inexpensive due to the short period of time coverage is provided.

COMPANY RATINGS

Insurance companies are rated by an outside analyst, AM BEST CO, which provides each company with a letter rating from A+ (Superior) to C- (Fair). BEST looks at financial data, such as company reserves, surplus and income.

PRIOR ACTS COVERAGE
  • Coverage offered to insureds that predates the effective date of the policy and insures for this exposure.

CARRIERS

With Lawyers Choice, LLC you’re assured that your firm will always have many coverage options from which to choose! With so many carriers and choices available through Lawyers Choice, LLC every type of law firm is served! Wherever you’re located, whether large, mid-sized or small, whatever your claims history or areas of practice we’ll always have the best quotes and coverage’s for your firm!
  • Admiral Insurance Company
  • Allied World
  • American Safety
  • AMTrust
  • AMTrust E&S
  • Arch Insurance Group
  • Argonaut Insurance Company
  • Aspen American Insurance
  • Aspen Specialty Insurance
  • AttorneyShield
  • Axis Insurance Group
  • Beazley USA
  • Berkley Assurance/Verus
  • Berkley Insurance Company
  • Catlin Specialty Insurance
  • Catlin/Willis
  • Century Surety
  • Darwin Select Insurance
  • EMC
  • Endurance
  • Fireman’s Fund Insurance
  • Florida Lawyers Mutual Insurance
  • Lexington
  • Liberty Insurance Company
  • Lloyd’s of London/ACE
  • Lloyd’s of London/AEGIS
  • Lloyd’s of London/AMLIN
  • Lloyd’s of London/ANTARES
  • Lloyd’s of London/ARK
  • Lloyd’s of London/ARTRIUM
  • Lloyd’s of London/BARBICAN
  • Lloyd’s of London/BEAZLEY
  • Lloyd’s of London/CHAUCER
  • Lloyd’s of London/FARADAY
  • Lloyd’s of London/LIBERTY
  • Lloyd’s of London/MAP
  • Lloyd’s of London/MEACOCK
  • Lloyd’s of London/NEWLINE
  • Lloyd’s of London/NOVAE
  • Lloyd’s of London/PEMBROKE
  • Lloyd’s of London/REN RE
  • Markel Group/Evanston
  • Markel Insurance
  • Maxum/Alterra
  • Nautilus
  • New York Magic/Crum & Foster
  • Old Republic
  • Freedom Specialty LawGold
  • Gotham
  • Hanover Insurance Company
  • Hiscox
  • Houston Casualty
  • Hudson Insurance
  • Huntersure
  • Indemnity Insurance
  • Integro
  • Interstate Fire
  • Ironshore Indemnity
  • Ironshore Specialty
  • James River Insurance Company
  • Kinsale Insurance Company
  • Landmark/RSUI
  • LawyerCare
  • LawyerGuard
  • OneBeacon Insurance
  • ProAssurance
  • Professional Solutions
  • ProSight/New York Marine
  • QBE
  • Scottsdale Insurance/Firemark IP
  • Starstone
  • Synergy
  • Torus Tower
  • Travelers Insurance
  • Twin City Fire/The Hartford
  • United States Liability Insurance
  • Wesco
  • Westport Insurance
  • XL Specialty Insurance
  • Zurich

Think your firm's protected? So did they. Don't learn the hard way. (Read more)

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  • Used a third-party cloud service provider

  • The cloud provider suffered a major data breach

  • The Attorneys General in several states instigated a regulatory investigation

  • Cost to Firm: $223,671 (Cost With Insurance: $8,750)

Read More

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