Product Update

Lawyers Liability Coverage Revised in Professional Liability Insurance

This Professional Liability Insurance release contains a major revision of the insurance coverage sections that analyze LPL policies. 

With the proliferation of losses caused by data breaches during the past 5 years, nearly all LPL insurers have begun to offer cyber and privacy coverage within their insuring agreements (rather than as endorsements). By far, the most common cyber-related insuring agreement the policies provide is coverage for information security and privacy liability exposures. This is necessitated by the fact that lawyers have a significant exposure to liability from the hacking of client records.

Since this section was last revised, there has been considerable liberalization of LPL coverage forms. Recognizing that many attorneys act in capacities extending beyond the strict confines of traditional legal work, a number of the forms now cover lawyers when they work as arbitrators/mediators, title agents, escrow agents, and receivers in bankruptcy proceedings, among other activities. Many insurers have also broadened the extent to which they offer coverage for personal injury liability. Most forms also now provide a host of supplementary payment cost coverages, including disciplinary proceedings, crisis events, and subpoena response. These and other LPL policy enhancements are discussed in this release.

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