MRSI expands lawyers professional liability product

Munich Re Specialty Insurance (MRSI) has announced the expansion of its excess and surplus lawyers professional liability (LPL) product to include primary and excess coverage for law firms with 11 or more attorneys and firms with an intellectual property (IP) practice.

“More than half of the law firms in the United States employ fewer than 25 attorneys, and we’re pleased to expand our lawyers professional liability program to address the specialized risk management needs of these firms,” said Marcia Blanco, head of financial lines, excess and surplus underwriting at MRSI. “Our LPL coverage fills the insurance protection gap left by standard property and casualty insurance policies by offering law firms a tailored policy to meet their needs with the flexibility to reflect current trends in the market.”

The LPL product provides up to $5 million in primary or excess liability coverage for errors or omissions that cause financial harm to another person or entity, including misrepresentation, violation of good faith and fair dealing, and inaccurate advice, subject to policy terms. The policy includes payment for damages for covered claims and the cost to defend against such claims, MRSI said.

Policy highlights include:

Broad definition of insured, including independent contractor and predecessor firm
Broad definition of professional services
Innocent insured coverage for intentional acts
Personal injury coverage
Non-practicing extended reporting period

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