TLIE Basic Lawyers Policy
The Basic Policy generally provides less comprehensive lawyers’ liability insurance coverage than the Regular Policy, and therefore, generally costs less than the Regular Policy.
The only Policy Limits offered under the Basic Policy are:
$100,000 per claim / $300,000 aggregate
$200,000 per claim / $600,000 aggregate
$500,000 per claim / $500,000 aggregate
$1,000,000 per claim / $1,000,000 aggregate
All Basic Policies have a $1,000 deductible, which comes into effect only if a claim is paid.
Claim Expense Allowance
The Basic Policy covers defense costs up to the policy limit. But unlike the Regular Policy, it does not cover any defense costs in excess of the policy limit.
DTPA and Other Additional Damages
The Basic Policy specifically excludes coverage for additional damages under the Deceptive Trade Practices Act, punitive and exemplary damages, mental anguish and emotional distress damages. The Basic Policy also excludes coverage for securities work.
Please note these brief highlights of the Basic Policy refers to the unendorsed BSC-3 policy form which you may, and should, review in detail by clicking here. Any TLIE policy may be endorsed to vary from specimen policies provided to you. Policy provisions may be added or deleted depending upon underwriting circumstances. Please read any quoted policy carefully before deciding if it fits your needs.