Lawyer's Liability Coverage Under the Fidelity-Pak Program
As a legal professional, your business depends on how well you protect your firm from lawsuits and claims. With each client, your law firm is subjected to potential liabilities as a result of increasing client expectations. When these expectations aren't met, it often results in malpractice lawsuits, which can create a significant financial loss for your business. Lawyer's Liability Insurance helps protect law professionals from the risks they are exposed to as a result of their legal practice.What is Lawyer's Professional Liability Insurance?
Lawyer's Professional Liability Insurance, or error and omissions coverage, provides legal professionals with liability insurance for the financial loss experienced by third parties surfacing from errors, omissions, and acts in providing professional legal services.Lawyer's Professional Liability Coverage Under the Fidelity-Pak Program
The Fidelity-Pak Program Lawyer's Professional Liability provides a wide array of coverage to hedge against legal liability exposure including:
- Broad Professional Services Coverage
- Under the Fidelity-Pak Lawyer's Professional Liability, broad professional services are covered. This includes advice or services provided by the insured's practice as a lawyer, the insured, title agent, mediator, or arbitrator. In addition, coverage for services as an administrator, executor, guardian, trustee, conservator, receiver or similar trustee capacity are covered, provided it excludes any insured beneficiary or allocation of any estate or trust serviced, as well as the fee accumulated from such work conditions to the advantage of any insured. Services as a notary public are also covered.
- Broad "Insured" Coverage
- Professional Lawyer's Liability also covers Broad "Insured", which includes "Predecessor in Business" and "Successor in Business" with 30 day notice period. This includes independent contractors for "Professional Services" accomplished on behalf of the Insured and within the realm of a written contract Of Counsel for "Professional Services" achieved within the scope of employment.
- Innocent "Insured" Coverage
- Innocent Insureds, that is "Insureds" that did not personally commit, participate, or silently comply in the omissions or acts of other "Insureds" that caused the exclusion, are also covered.
- Defense Costs Coverage
- Under the Fidelity-Pak Lawyer's Liability Insurance, defense for fraudulent, criminal, or dishonest acts otherwise stated under the policy are covered until final adjudication. Defense for claims alleging intentional or willful failure to comply with binding authority or escrow instructions are also covered until final adjudication.
- Consent to Settle Provision
- A consent to settle provision, or written consent from the Named Insured, which is required prior to settlement, is also available.
- Disciplinary Proceedings Coverage
- The Fidelity-Pak Program for Attorney Agents also offers Disciplinary Proceeding Coverage of up to $10,000 per "Policy Period" for attorney's costs, fees, and expenses for "Disciplinary Proceeding" initiated against any "Insured".
- Consumer Financial Protection Bureau (CFPB) Costs Coverage
- Consumer Financial Protection Bureau Coverage is also available. Under this coverage, applicable attorneys' costs, fees, and expenses for Consumer Financial Protection Bureau matters, including hearing, subpoena, civil investigation, or civil action received or orchestrated by the Consumer Financial Protection Bureau are covered up to the $150,000 sub-limit.
- Fraudulent Email Wire Transfers Coverage
- The Fidelity-Pak Program offers both First and Third Party Fraudulent Email Wire Transfer Coverage. Under the First Party Coverage, we will directly pay the insured up to $250,000 for an insured loss caused by an employee of the insured transferring escrow funds from an account of the insured in trust of deceitful email wire instructions received from a dishonest party professing to be a legit party to the transaction. The Third Party coverage pays up to $1m, on behalf of the insured, for fraudulent email wire transfers.
- The Escrow Security Bond
- The Escrow Security Bond
(ESB) enables attorneys to recover losses incurred as a result of dishonest acts by employees, shareholders, and partners. Under this protection, dishonest acts such as cash skimming and personal reimbursement schemes etc. are covered. First-party insurance is also available for various other losses such as vandalism and theft, which may not be covered by other third-party liability or commercial first party insurance.
- Cyber Liability
- Cyber Liability coverage
offers protection against damages and defense expenses incurred as a result of a security or privacy breach, including transmission of a virus from your system to another, theft of data from your system, and more. Costs include data recovery, data extortion, multimedia liability, and customer notification and monitoring costs.