Munich Re Specialty Insurance coverage (MRSI) has introduced the enlargement of its extra and surplus attorneys skilled legal responsibility (LPL) product to incorporate main and extra protection for regulation corporations with 11 or extra attorneys and corporations with an mental property (IP) observe.
“Greater than half of the regulation corporations in the US make use of fewer than 25 attorneys, and we’re happy to increase our attorneys skilled legal responsibility program to handle 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 customary property and casualty insurance coverage insurance policies by providing regulation corporations a tailor-made coverage to satisfy their wants with the pliability to replicate present developments out there.”
The LPL product gives as much as $5 million in main or extra legal responsibility protection for errors or omissions that trigger monetary hurt to a different individual or entity, together with misrepresentation, violation of fine religion and honest dealing, and inaccurate recommendation, topic to coverage phrases. The coverage consists of cost for damages for lined claims and the price to defend in opposition to such claims, MRSI mentioned.
Coverage highlights embody:
- Broad definition of insured, together with unbiased contractor and predecessor agency
- Broad definition {of professional} providers
- Harmless insured protection for intentional acts
- Private damage protection
- Non-practicing prolonged reporting interval
Learn subsequent: MRSI surety head eyes development in “very worthwhile line of enterprise”
