When shopping for professional liability insurance for your law firm, ensure you are getting the best possible protection for your assets and reputation. At Lockton Affinity, we have built an extensive network of reliable, financially stable and highly rated carrier partners—among them, Swiss Re.
In addition to competitive premiums, Swiss Re Corporate Solutions excels when it comes to longevity, financial strength, claims handling, risk management and policy benefits.
Consider these features when making your decision:
Longevity
It can take YEARS for a malpractice claim against a lawyer to close, so it’s important to ask if your carrier will be around to write the check.
For more than 45 years, lawyers across America have trusted Swiss Re Corporate Solutions to protect their reputations and assets. Swiss Re is in the business of writing insurance for lawyers and, as such, has been a continuous presence in the marketplace.
- Questions to ask your prospective carrier: How long have you been writing professional liability insurance for lawyers? Have you ever exited the market?
Financial Strength
The ultimate payout on legal malpractice claims has been rising steadily for years, so it’s important to ask your carrier if they will have the money to pay your claim.
Swiss Re’s strong financial ratings from industry rating agencies include “AA-” by Standard & Poor’s, “Aa3” by Moody’s and “A+” by A.M. Best.
- Questions to ask your prospective carrier: What are your ratings? Have you been downgraded? Do you have a stable outlook?
Claims Handling
If the worst should happen and you are sued, it is important to be able to speak to another lawyer or experienced professional.
Swiss Re’s dedicated claims staff, many of whom are attorneys themselves, handle only lawyer’s professional liability claims. With an average of 25 years of industry experience, their dedication and expertise in the LPL field is incomparable. If a defense attorney must be hired, Swiss Re retains vetted and top-notch trial attorneys across the country to defend the interest of its insureds, with collaboration from its claims staff. Swiss Re’s CorSo Claims Commitment outlines the dedication to Swiss Re customers.
- Questions to ask your prospective carrier: Who will be handling my claims? Do they have specific expertise in lawyer’s professional liability? Are they attorneys? How much industry experience do they have? Does the carrier have a rigorous vetting process when defense counsel is assigned?
Risk Management
As an insured, you may wonder if there is anything you can do to improve your procedures and hopefully prevent a claim and who you can turn to for risk management assistance.
Swiss Re Corporate Solutions has a dedicated risk manager, who is a licensed attorney and a former LPL claims expert and underwriter. Risk management benefits include quarterly newsletters, free online CLE credits and a confidential hotline staffed by experienced attorneys. Swiss Re also offers free access to risk management materials on its webpage.
- Questions to ask your prospective carrier: Do you have a dedicated risk manager who is easily accessible? What risk management benefits do you provide? Do you allow free risk management consults or a free ethics hotline?
Policy Benefits
As you shop for professional liability insurance for your law firm, you may wonder, “Aren’t all policies the same?” When it comes to Swiss Re, the answer is simply, “No.”
In addition to legal malpractice insurance defense and indemnity, Swiss Re’s policy offers coverage for disciplinary actions and subpoenas, as well as extended reporting periods. Swiss Re offers free retirement tails to attorneys who have been continuously insured for three years and doesn’t dictate that the coverage must have been with Swiss Re. It also offers low deductibles and various policy limits. Swiss RE is not of the mindset that “one size fits all” and will take into consideration a lawyer’s unique insurance needs.
- Questions to ask your prospective carrier: What supplemental coverages do you offer? How long must an attorney be insured with you before a free retirement tail can be offered?
As a business owner, few things seem worse than facing a claim against your business. However, having a financially sound and respected insurance carrier on your side can make all the difference during such a stressful time.
At Lockton Affinity, we work with only the most reliable, financially stable carrier partners. In fact, we require our partners to have higher ratings.
For your lawyer’s professional liability coverage, you have access to great carriers through Lockton Affinity Lawyer, like Swiss Re.
This article is intended to be used for general informational purposes only and is not to be relied upon or used for any particular purpose. Swiss Re Corporate Solutions shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained or referenced in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, accounting or professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. Insurance products underwritten by Westport Insurance Corporation, a member of the Swiss Re Group. Copyright 2018 Swiss Re Corporate Solutions.