The LPL policy is designed for law firms with no more than 50 attorneys and addresses the distinct professional liability risks law firms face. It offers up to $5 million / $10 million in coverage for liabilities arising from ‘wrongful acts’ in the course of legal services.
Such wrongful acts span errors, omissions, misrepresentation, breach of fiduciary duty, violation of good faith, failure to know the law, and providing inaccurate advice that can all lead to financial harm.
Key features of the policy include network privacy protection, innocent insured / vicarious liability, $50,000 for disciplinary proceedings, $50,000 for defendants’ reimbursement, predecessor or prior law firm coverage, and non-practicing extended reporting endorsement.
Robert Remy, vice president of delegated authority business at HDI Global Insurance Company, noted: “Together with the specialized expertise of First Indemnity Insurance Agency, Inc., we can quickly develop the necessary solutions to meet the evolving needs of our clients and protect them against the growing number of risks that they face.”
Andrew A. Biggio, executive officer and program manager at First Indemnity, commented: “We are excited about our new partnership with HDI. The added capacity with the high-quality financial ratings of HDI will give law firms the security they need.
“The teams at First Indemnity and HDI clearly understand the specialized needs of law firms, which make this partnership unique.”
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