MOVING INSURANCE FORWARD WITH INTEGRITY, EXPERIENCE AND EFFICIENCY
Call Us Today
(855) 585-6255
Posted on: December 2, 2016 by Huntersure
In its most standard definition, Lawyers’ Prior Acts Coverage means that the lawyer or attorney is covered for acts, errors, or omissions that occurred prior to their insurance policy’s inception date. But, why would your clients need such a policy? Well, imagine one of their lawyers leaves the firm, retires, or switches to in-house counsel. They may continue to be covered as a former lawyer with the firm they’ve departed from, however if the firm should go under in the future, that coverage could go away.
A stand alone policy will help these lawyers to achieve peace of mind and grant them the coverage they desire. Lawyers who leave a current firm to another similar one should also consider prior acts coverage. Whether he or she leaves individually or part of a group, their absence could cause devastating loss to their prior firm, especially if they played a significant role.
If the economic viability of a lawyer’s previous firm is called into question, the prior acts coverage becomes much more than simply a “peace of mind” coverage; it could potentially provide more definite or direct coverage in the event the former firm fails and do not purchase their own extended reporting period.
Stand-alone prior acts coverage comes into play directly when the previous firm is about to be dissolved. In most cases, no other insurance policies can protect the interest of the lawyers.
Huntersure offers an exclusive professional liability insurance program on a nationwide basis designed to provide Stand-Alone Prior Acts Coverage for all lawyers, groups of lawyers, and dissolving law firms. For more information and for answers to the most commonly asked questions about lawyers prior acts coverage, please visit our site’s Lawyer Professional Liability page or give us a call at (855) 585-6255.
Posted in: blog Lawyer Professional Liability