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BarJournal INSuRANCE LAW
JULY/AUGUST 2015
fEaTUrE myths and Tips about lawyers
Professional liability Insurance
BY GAYLE HAASE
Working with several insurance Brokers, need to get an “agent of record letter”. Ohio Bar It can be advantageous using referral resources
Insurance Agent or going direct to the Liability Insurance Company (OBLIC) is one for areas of practices National Association of
company will result in better rates. MYTH: If direct writing company otherwise you typically Elder Law Association (NAELA) or Cleveland
you dial around from agent to agent or contact want an agent to assist you. Most programs are Metropolitan Bar Association (CMBA) for a
the companies directly thinking this is the best seldom delivered to you directly so it’s best to get lawyer with a specific expertise area of practice.
way to price shop you’re wrong. In most cases comfortable and trust your agent or broker to My experience is “dabblers” will get base rated
it will actually be counterproductive wasting assist in the process of shopping around for you. In quotes and expertise law firms will get extra
time for everyone. It wastes time for you the the end everyone has a higher success rate with the credits for being a desirable risk for underwrites
applicant filling out multiple forms, it wastes time communication with your current agent asking which leads to best pricing and a competitive rate.
for AGENT/ BROKER sending in a request for for assistance to shop around. In fact most good Lastly, record keeping is a key component because
a quote to to the company Underwriters to find agents want to keep pricing competitive and will the firm should use the past twelve months
they are block by a previous submission. Finally offer to take your application out to a few other revenues and break it down by area of practice
it wastes time for the UNDERWRITER either programs to see the going rate. If it makes sense during the annual lawyers professional liability
writing back giving the agent the news they can’t to make a change to a new carrier your agent will application process.
quote because of a prior submission and now help guide you through the seamless process of
switching to assure continuous coverage. Everybody wants to avoid having claims,
but sometimes life happens and you have to
Signing “Agents of Record” letters will get me submit a claim. Should I not report a claim
better pricing. MYTH: An agent of record letter to try handling it myself for fear it will
simply tells the underwriter to transfers all the increase the premium and you might get
work done by the originating (first in) agent it non-renewed. MYTH: Don’t hold back, always
to be released to your newly assigned agent and report all incidents, grievances and or claims as
pricing will be identical.The only way pricing soon as they happen because otherwise a claim
changes is if there is new information submitted could have a chance of be denied. Lawyers
that differs from the previous submission. The professional Liability Insurance is a “claims
process can be very confusing and at times made reported” form. An incident may or may
I’ve seen situations where the agents of records not result in a claim but it does two things : First
mistakenly signed need documentation now it date stamps the matter so IF in the future the
for a rescinding agent of record letter. It’s a total situation escalates you have put the company
hassle for all parties. Again, it is to your advantage on notice at the beginning of what has started
to get a trusted agent who’s experienced and let and it’s on record. Secondly, there is a good
them handle the process start to finish. chance your policy has risk management help.
Contact your lawyers professional liability
Smattering the firm’s Area Of Practice agent and they will know which companies
percentage all over the board is best because have these features as part of the policy Risk
OVER 25 YEARS OF
our law practice is general law practice. MYTH: Management Consulting helplines to help
PERSONAL INJURY, Being everything to everyone can be challenging guide your firm in a situation. Bottom line it’s
MEDICAL MALPRACTICE, so try to target a few areas of practice and specialize important to report all incidents to help before
AND AUTO / TRUCKING the attention to becoming a trusted advocate in things escalate. It is possible that the insurance
CASES theses fields of law. Generally applications with rates may increase but the price of a declined
1%, 2% 3% are viewed as “dabblers” and when it claim will result in thousands more along with
comes to the law you don’t dabble. Dabbling will a headache stress of being non-renewed for not
216.223.7535 get you into trouble and cause mistakes, which disclosing the matter timely. It’s always better to
ROBENALTLAW.COM lead to claims. Attorneys finding their niche and conservative, reaching out for help because this
will acknowledge the all important time line for
expertise are more attractive to underwriters than
law practices dabbling in various aspects of the law. a claims made policy to work for you.
18 | Cleveland Metropolitan Bar Journal clemetrobar.org