Munich Re Specialty Insurance coverage (MRSI) has introduced the growth of its extra and surplus attorneys skilled legal responsibility (LPL) product to incorporate major and extra protection for regulation corporations with 11 or extra attorneys and corporations with an mental property (IP) follow.
“Greater than half of the regulation corporations in the USA make use of fewer than 25 attorneys, and we’re happy to increase our attorneys skilled legal responsibility program to deal with the specialised threat administration wants of those corporations,” mentioned Marcia Blanco, head of monetary traces, extra and surplus underwriting at MRSI. “Our LPL protection fills the insurance coverage safety hole left by commonplace property and casualty insurance coverage insurance policies by providing regulation corporations a tailor-made coverage to satisfy their wants with the pliability to mirror present tendencies out there.”
The LPL product offers as much as $5 million in major or extra legal responsibility protection for errors or omissions that trigger monetary hurt to a different particular person or entity, together with misrepresentation, violation of fine religion and honest dealing, and inaccurate recommendation, topic to coverage phrases. The coverage contains fee for damages for lined claims and the price to defend towards such claims, MRSI mentioned.
Coverage highlights embody:
- Broad definition of insured, together with unbiased contractor and predecessor agency
- Broad definition {of professional} companies
- Harmless insured protection for intentional acts
- Private harm protection
- Non-practicing prolonged reporting interval
Learn subsequent: MRSI surety head eyes progress in “very worthwhile line of enterprise”
