mix of services
A term used in conjunction with underwriting several types of professional
liability insurance, notably accountants, lawyers, architects & engineers, and
insurance agents. It refers to the respective proportions of specific services
provided by a given professional firm, a factor that influences the expected
frequency and severity of losses, and therefore the premium and scope of coverage
afforded. For example, assume that plaintiff's personal injury cases (a high
exposure area) comprise the majority of Law Firm A's work. In contrast, most
of Law Firm B's work is in the area of trusts and estates, a relatively low
exposure activity. All other things being equal, given its mix of services,
Law Firm A will probably pay a higher premium and may be offered more restrictive
coverage, compared to Law Firm B.
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