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Frequently Asked Questions

If you don’t see your question answered here, don’t hesitate to contact us. We’re happy to answer any questions you might have over the phone or through email.

What does 'claims made' mean?

Just about all attorney’s professional liability policies are now written on a “claims made and reported” basis. That means it is the policy in effect when the claim is made against you and reported to your insurance company that applies to the claim. If the policy expires before the claim is reported to the insurance company, the policy will not cover the claim. Also, most policies do not cover claims the lawyer already knows about, or should have known about, when the policy was purchased.

What is 'prior acts' coverage?
Your policy may not provide coverage for your professional services rendered prior to the date your new policy becomes effective. Insurance companies sometimes choose not to cover your prior acts due to previous claims against you or your former law firm. You may not need to purchase prior acts coverage if you are leaving a law firm that will continue to maintain its malpractice insurance. Most policies cover former members of a law firm for their acts on behalf of that firm. However, if your firm is dissolving, you should strongly consider buying extended reporting coverage, often called “tail coverage,” from your firm’s current insurance company. A new policy with prior acts coverage for your former law firm is usually not available.
What is a 'retroactive date'?
A Retroactive Date is the earliest date that your policy will provide prior acts coverage. Any claim based on an act or omission that occurred prior to that date will not be covered.