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Mix Of Services

Mix of Services

Definition

A term used in conjunction with underwriting several types of professional liability insurance, notably accountants, lawyers, architects and 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 personal injury (PI) 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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