Hey there! Since September is Life Insurance Awareness Month, it’s a great time to talk about
another essential type of coverage that often flies under the radar—legal malpractice insurance. While most of us are familiar with the importance of life insurance, especially for providing financial protection to our loved ones, legal malpractice insurance offers a different kind of security that is equally important for attorneys and their families

What is Legal Malpractice Insurance?

Legal malpractice insurance is designed to protect attorneys from claims made against them for
professional errors or negligence during their careers. While this coverage is crucial while an attorney is practicing, many overlook the lasting protection it can offer after an attorney passes away. This is where the Death Extended Reporting Period (ERP) endorsement comes into play.

What is a Death Extended Reporting Period (ERP)?

The Death ERP doesn’t offer a lump sum payout to your heirs like life insurance would. However, it
provides significant protection in the event of the insured attorney’s death. Essentially, the Death ERP covers any legal malpractice claims that arise after the attorney has passed away but stem from actions they took while alive. This coverage ensures that the deceased attorney’s estate and heirs aren’t burdened with defending against legal claims, which could otherwise cause financial and emotional strain.

How Does the Death ERP Work?

In the unfortunate event of an attorney’s death, the Death ERP automatically activates, providing
coverage for any claims that are made after the passing but are related to the attorney’s work during their lifetime. Although it doesn’t offer a direct financial benefit like life insurance, it prevents costly legal battles that could impact the estate or heirs of the deceased. Imagine the peace of mind in knowing your family is protected from future legal entanglements related to your practice, even after you’re gone.

Check Your Policy for Specifics

While most carriers include some form of Death ERP in their legal malpractice policies, the terms can vary. Some policies provide coverage only until the estate is closed, while others offer indefinite protection. It’s crucial to double-check your policy details so you know exactly what kind of protection you have in place. If you’re unsure, now is the perfect time to verify your coverage.

Why This Matters During Life Insurance Awareness Month

As you’re reviewing your life insurance needs this September, it’s a good idea to take a moment and consider the other types of protection you have in place—like legal malpractice insurance. Ensuring you have the right coverage for both life insurance and malpractice claims is a comprehensive way to protect your family, your estate, and your legacy.

Hope this helps, and remember, I’m Don I, your insurance guy!

Have any questions about the topic discussed in this video? Contact us today! 412.563.2106

Hey there, it’s Don, your insurance guy, taking a break from my desk and soaking in this cool breeze. As I was sitting here, I realized something—can you believe it’s already mid-August? September is just around the corner, bringing with it all the things we love about fall. We’re talking cooler weather, the excitement of football season, and yes, those amazing rib cook-offs. But while September brings us these enjoyable moments, it also brings something more serious that we should all take a moment to consider—Life Insurance Awareness Month.

I know, I know, death isn’t exactly the most fun topic to think about or discuss. But the reality is, it’s something that touches all of us at some point. Life Insurance Awareness Month is here to remind us to take a closer look at our life insurance needs.

So, why is this important? Well, whether you’re 25 or 75, there’s likely a reason you need life insurance. Have you recently bought a new home? Do you have young children that you want to make sure are financially protected if something happens to you? Are you and your spouse approaching retirement? Life insurance can play a crucial role in all these scenarios.

I encourage you to take just a few minutes to evaluate your current life insurance situation. Ask yourself, “Do I have life insurance? If I do, do I need more coverage, or maybe less?” It’s essential to assess your needs regularly, as life changes can significantly impact the amount of coverage that’s right for you.

If you’re unsure about what you need or if your current policy still meets your goals, don’t hesitate to reach out. I’m always here to help, along with my team at the agency. Mark and I would be more than happy to sit down with you, review your options, and make sure you’re covered the way you need to be.

Thanks for taking a moment to consider this important topic. Remember, I’m Don, your insurance guy, and I’m here whenever you need to talk about your life insurance needs. Stay safe and enjoy the upcoming fall season!

Well, welcome to July! Hard to believe July is already here. We at INtegrity First Corportation
recognize/celebrate the month of July as Legal Malpractice Insurance Awareness month.
Similar to September being Life Insurance Awareness Month and October being Cyber
Insurance Awareness Month. And what better way to kick off the month than a short
discussion on why malpractice insurance is so important. This fourth of July as we celebrate this
great nation of ours don’t be red white and blue. Be red white and insured or covered.

I personally believe that there is no better way for lawyers to protect themselves, their
practices and perhaps more importantly their clients! Everyone makes mistakes and lawyers
are not excluded from this fact. Some mistakes are small and insignificant and can be resolved
by the lawyer. Other mistakes however are more severe. They can cause harm to the client,
and affect the reputation of the lawyer. These claims/mistakes requires special expertise, legal
defense counsel and significant resources to resolve. This is where your legal malpractice
insurance coverage/program pays huge dividends.

Your coverage will provide the guidance and assistance throughout the process, provide for
defense counsel and settlement funds if needed. It also provides for a vigorous defense of you
protecting your reputation from those annoying frivolous claims that often times get filed
against you.

A good lawyers professional liability policy is worth its weight in gold! Make sure you have one!

Enter to win two FREE Steelers Tickets!

As we at Integrity First Corporation celebrate the month of July as lawyers legal malpractice insurance Awareness Month, we are honoring you, the lawyer, and offering you a chance to win two free Steelers tickets to an upcoming game during the 2023 2024 season.

Time doesn’t stand still and we are not getting any younger.  At least I’m not.  Eventually we all will at some point retire.  As lawyers in the private practice of law, you need to prepare for retirement from an insurance perspective.  

When you retire, you want to make sure that you take the proper steps to maintain the coverage you paid for in all the years prior.  You do this by securing what is known as tail coverage referred to as an Extended Reporting Provision.  Tail coverage will allow you to report future claims filed against you stemming from professional services you provided to clients prior to your retirement.  Hence the term tail coverage.  

Tail coverage is an essential piece of your retirement plan and it is not inexpensive (cheap).  The cost of tail coverage is usually based upon a percentage of the last premium you paid prior to retirement.  Cost can be upwards of 300% of the last premium paid. For example if the last premium you paid for your policy prior to retirement was $2000, your tail coverage could cost as much as $6000. 

It is important to note and to plan for that most carriers will offer a free retirement tail providing that you satisfy certain requirements.  Different carriers have different requirements however most stipulate that you must have been insured with the carrier for three consecutive years to be eligible for a free retirement tail.  Therefore you need to check with your broker and confirm what the requirements are in order to obtain a free retirement tail.  

Do not wait until the last minute to check as we are talking time requirements of at least three years and be careful as to not change carriers when you are within that three year time frame.  And if you do have to change carriers when in that retirement time frame, consult with your broker on what you will need to do to obtain a free tail with the new carrier.  There may be options where you won’t have to start over at year 1 of being continuously insured.

Remember, when you’re getting close to retirement, ask questions, get answers and confirm that you qualify for a free tail or at a minimum can purchase a tail. It will help provide for a secure retirement and possibly add a little more cash to your retirement savings.

Professional Services On Behalf of the Named Insured, that term or similar term is in most, not all, but most lawyers malpractice insurance policies.  It is intended to limit the policy coverage to lawyers in the law firm that are providing legal services to clients of the law firm only. Keep in mind that the name of the law firm is usually the name of the Named Insured listed on the policy.  

This term usually is a good thing for the law firm in that it does limit the exposure and coverage to the law firm business.  It can however be quite a surprise to any firm lawyers working outside the law firm in a “side” venture and moonlighting situation.  The policy will not cover professional services performed for anyone that is not a client of the Named Insured/Law Firm.  

There are instances where lawyers have worked in a law firm and also maintain a solo part time law practice away from the law firm.  Thinking that they had malpractice insurance coverage with the law firm, did not bother to purchase a separate policy for their part time solo work.  They did not realize they had no coverage until they were sued for work performed in their part time solo capacity.  Ouch!  That is a hard lesson.  

This situation can also occur if when working in a firm the lawyer agrees to provide legal service for a friend or family member and doesn’t run the business through the firm or sign the client up as a client of the firm.  

So check who is the Named Insured on your legal malpractice policy.  Make sure it is correct, again it is usually the name of the law firm. Be certain that all lawyers in the firm know that they are NOT or may not be covered by the law firm policy for legal services they perform for others who are not client’s of the firm. 

When it comes time to purchase or renew a legal malpractice policy, most people focus on price, which is not a bad thing. If it’s not the top priority, it is certainly in the top five. There are, however, other items that should be included on that list. Today, I want to give you my top items on my list in no order of importance. 

1. Prior acts coverage. Why is that important? Most claims filed against lawyers stem from professional services they provided five or more years ago. You don’t want a policy that excludes that type of claim.

2. Definition of professional services. Many lawyers wear many hats when providing professional services, acting as an arbitrator, mediator, trustee, Guardian, and title agent, just to name a few. Make sure that these services are not excluded in the policy that you purchase. 

3. Speaking of exclusions, number three is exclusions. I’ve long said that if you’re going to read only one section of the policy, read the exclusion section. At least this gives you some idea of what is not going to be covered under the policy. I have seen policies that have less than 10 exclusions. I’ve seen policies that have more than 25 exclusions. I’m not saying that the policy with 25 exclusions is any worse than the one that has 10 exclusions, but you need to read them and make sure if any of them apply to you. 

4. Extended reporting periods or extended reporting coverages. It’s commonly referred to as tail coverage. In the event that you quit practicing law, or you retire from the private practice of law, this provision will allow you to purchase an endorsement that allows you to report future claims that are filed against you for services that you performed in the past that would have been covered under your last policy. 

5. We’re going to come full circle and back to price. Price is important. Nobody wants to overpay for a policy. But please remember your objective when you first started the process. Your objective should have been to find a policy that provides the coverage you need and protects both you and your client all at a reasonable cost. 

There you have it, my top five list for now.

If you don’t have any writing about what work you did, it’s pretty difficult to justify the work that you did perform.

I suggest this to everybody. Even if you’re not billing hourly it’s easier to write down what you did because if you get in that situation later, it’s a lot easier to say this is the work I did and I earned that fee; I know that because I wrote it down.

And you don’t need to, but if you write down and send the work that you are doing to your client periodically, it’s even better.

Scott Eberle is on several insurance carriers defense panels. He’s been doing this type of work for many years. In my opinion, he’s one of the best presenters of legal malpractice and how to prevent it. So I think you’re in for a treat in terms of taking back some good information that you can implement in your firms.

Meet Scott Eberle

“My name is Scott Eberle, I am an attorney at Burns White in Pittsburgh where my practice focuses on representation of professionals, lawsuits and ethics matters. I’m focused on representation of lawyers in legal malpractice lawsuits, as well as ethics issues either in front of the office of disciplinary Council, or just general ethics consultation. I help attorneys navigate the issues that come up in their practice and I’m able to provide guidance on what you need to do to follow the rules of professional conduct to not get yourself in potential trouble with the disciplinary council.”

With any representation that you enter into make sure that you are adequately identifying who you represent and what you are doing on behalf of that party and that is that that will help you navigate your way and to avoid potential conflict situations.

Scott Eberle is on several insurance carriers defense panels. He’s been doing this type of work for many years. In my opinion, he’s one of the best presenters of legal malpractice and how to prevent it. So I think you’re in for a treat in terms of taking back some good information that you can implement in your firms.

Meet Scott Eberle

“My name is Scott Eberle, I am an attorney at Burns White in Pittsburgh where my practice focuses on representation of professionals, lawsuits and ethics matters. I’m focused on representation of lawyers in legal malpractice lawsuits, as well as ethics issues either in front of the office of disciplinary Council, or just general ethics consultation. I help attorneys navigate the issues that come up in their practice and I’m able to provide guidance on what you need to do to follow the rules of professional conduct to not get yourself in potential trouble with the disciplinary council.”