Munich Re Specialty Insurance (MRSI) has expanded its E&S Lawyers Professional Liability (LPL) solution to include primary and excess coverage for firms with 11 or more attorneys, as well as firms with an Intellectual Property practice.
Marcia Blanco, Head of Financial Lines, Excess & Surplus Underwriting, MRSI, commented, “More than half of the law firms in the United States employ fewer than 25 attorneys.
“We’re pleased to expand our Lawyers Professional Liability program to address the specialized risk management needs of these firms.”
Blanco continued, “Our LPL coverage fills the insurance protection gap left by standard property and casualty insurance policies by offering law firms a tailored policy to meet their needs with the flexibility to reflect current trends in the market.”
MRSI’s LPL solution provides up to $5 million in primary or excess liability coverage for errors or omissions that cause financial harm to another person or entity.
This includes misrepresentation, violation of good faith and fair dealing, and inaccurate advice, subject to the actual terms of the policy.
MRSI states that the policy involves payment for damages for covered claims as well as the cost to defend against such claims.
The firm suggests that LPL claims are managed by a dedicated claims team that understands the complexities and nuances that accompany these types of lawsuits.
Coverage is underwritten by MRSI’s A+ rated carrier and is offered on a non-admitted basis for both primary and excess protection.
In related news, earlier this year, MRSI launched a new proactive cyber risk management program featuring complimentary risk control services.
“Built on the principles of value, flexibility, and impact, MRSI’s Reflex has been designed to meet the need for 360-degree cyber solutions,” the firm said at the time.
The new program is facilitated as a white glove solution by an internal team of Munich Re program specialists.
