NOTE: If you carry
excess insurance coverage over the $ 1,000,000 mandatory coverage, you should consult the excess coverage policy regarding the required procedures.
In addition, he has represented clients in coverage disputes involving layered and quota share
excess insurance programs, in disputes related to underwriting, and in controversies between primary and excess insurers.
However, that meant only 11 per cent of lawyers in two to four lawyer firms
purchased excess insurance, and only 9 per cent of sole practitioners.
As a result of the large exposures presented in many of our matters, we frequently deal with
excess insurance issues.
If this is what's stopping you from looking
into excess insurance options, you might be in for a surprise.
Unfortunately, far too many lawyers do not appreciate their full exposure to claims and
how excess insurance could be of benefit to them.
Optional primary coverage
removes excess insurance limitations for baggage and accident / medical expenses ($ 25 per person).
By rounding up slightly, you're helping to ensure that you have sufficient coverage without paying
for excess insurance that you actually don't need in order to be fully protected.
For example, one provider
of excess insurance coverage, ESI Inc., covers more than 200 of the best federally - insured credit unions.
Accordingly, firms with 16 to 50 lawyers are more likely to purchase
LAWPRO excess insurance with the highest limits offered, being $ 9 million per claim and in the aggregate, than smaller sized firms.
A sole practitioner seeking lower excess limits of liability ($ 1 million or $ 2 million per claim / in the aggregate over and above the primary policy limits), in a lower risk practice area and with a good claims history would commonly expect to pay in the range of $ 50 to $ 80 per month (excluding tax) for
excess insurance from LAWPRO, based on current pricing.
Our optional insurance programs provide affordable and comprehensive choices for lawyers and law firms, whether it is
excess insurance in Ontario or TitlePLUS title insurance across the country.
During each renewal season we see firms that have carried
excess insurance with LAWPRO, sometimes for years, write in to tell us that they have now grown so large they need higher limits or bundled coverage for other types of insurance and another insurer is able to offer them a product that meets their growing needs.
The second firm's
current excess insurance policy — if the firm has one — would generally not apply because the services giving rise to the claim were not performed for / on behalf of that firm.
Consider whether the plaintiff has additional coverage with any other insurer, such
as excess insurance, umbrella insurance or overlapping policies and whether that insurance company should be added as a party to the action;
Private insurers may also
provide excess insurance coverage to NCUSIF - insured credit unions to cover losses above the federal limits.
Given the potentially significant damages involved, lawyers who practise in this area should seriously consider
carrying excess insurance.
Read my suggestions how you save on car rental, avoid high -
cost excess insurance and beat hidden nasties.
Accidents happen, but with Car
Rental Excess Insurance from Thomas Cook there is no need for one to spoil your holiday.
When hiring a car, check out online reviews of the car hire companies and consider taking out independent damage
waiver excess insurance, instead of using the company's own deal at an inflated price.
All these comments apply to coverage under the mandatory insurance program LAWPRO runs on behalf of the Law Society, and may also apply to LawPRO or
other excess insurance coverage, if it is in place.
Of course, indirect effects could include having to report the fact of the claim the next
time excess insurance is being purchased (typically done on a firm - wide basis), but that is a topic for another day.
Additionally, the seminar will
address excess insurance policies, builders» risk insurance, and errors and omissions (aka professional liability) policies for design professionals and typical exemptions.
To help with planning, LAWPRO has a «Test Your Exposure» stress test available on its website that can help lawyers determine if their firm would benefit from
getting excess insurance that will provide additional coverage limits in the event claims arise that exceed the standard $ 1 million per claim / $ 2 million in the aggregate annual policy limits.
In fact, because of the potential for high - value losses associated with the provision of services to successful businesses, virtual GC providers would be well advised to
obtain excess insurance coverage beyond the limits of the Law Society's mandatory program.
There was a concern that the small firms simply didn't know about the value of
securing excess insurance, were not being approached by commercial markets, or found the application process too difficult.
«If they didn't have insurance to cover the damages awarded it would likely put the firm at risk, but it is likely they have
sufficient excess insurance to cover all or most of the judgment,» says Radnoff.
The insurance department
said excess insurance would be acceptable as a lower - cost option for the TNCs.
You can purchase what's
called excess insurance coverage to rebuild properties valued above National Flood Insurance Program (NFIP) limits.
PIA and Penn National Insurance are proud to offer the most comprehensive and
affordable excess insurance protection available, packaged into one easy - to - manage policy.
There are two types
of excess insurance: the first, known as «single cover», only covers one policy, while «multi-cover» will insure excesses you have across a number of different policies.