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