The Lawyers’ proliability Program offers a convenient, low-cost premium financing plan through AFCO. The plan requires a down payment of 20% of premium at the inception of coverage, with the balance payable in nine equal monthly installments beginning 30 days thereafter

No, but it is highly recommended by the Utah State Bar. Take a look at Malpractice Insurance Information. It will give you the basics of professional liability insurance.

Current statistics show that in any given year, a minimum of five to six insured lawyers out of every 100 in private practice will experience a malpractice claim. Statistically, this means a firm of 20 lawyers could be the recipient of a claim every year.

Current statistics show that in any given year, a minimum of five to six insured lawyers out of every 100 in private practice will experience a malpractice claim. Statistically, this means a firm of 20 lawyers could be the recipient of a claim every year. Since the exposure to legal malpractice is greater now than ever before, it is a prudent part of law office management to establish meaningful loss prevention practices including the purchase of proper lawyers professional liability insurance coverage.

Following are some key points of comparison:

Financial security
Is the company admitted in Colorado? Is the company rated by A.M. Best & Co., Standard & Poor's and/or Moody's?

Experience
How long and how successfully has the company written legal malpractice insurance?

Long-term commitment
Has the company demonstrated a commitment to this line of insurance through both good and bad times?

Claim handling
Does the company respond promptly, appoint qualified defense counsel when necessary, and actively pursue a fair and speedy resolution?

There is no such thing as a "standard" legal malpractice insurance policy. While all policies address the same basic coverage issues, there are differences in approach that can be very important in some circumstances.

The program administrator, Marsh U.S. Consumer can assist you with policy comparisons. In all cases, you should read the policy (including any endorsements) carefully and be sure you understand it before you order coverage

Simply select “Apply Online” to start the process.

There is no single way to answer this question. Under most policies, the "each claim" limit of liability defines the company's maximum total obligation for settlements, judgments and defense costs (including attorneys fees) in connection with a single claim, so you should keep in mind that costs can consume a significant part of the limit.

One common benchmark is to select an each-claim limit that would cover all or most of the firm's liability for a claim (plus the cost of defense) arising from a "typical" engagement, assuming the firm was found to be 100% responsible.

The annual premium per attorney can vary widely depending on limits of liability, deductible, length of time in practice, claim history, areas of practice, and a number of other factors.

Submit our online request form to request an approximate indication of premium, but bear in mind that premiums can vary substantially based on individual and firm practice characteristics that can only be evaluated with a completed and signed application. In addition, coverage is subject to underwriting standards and is not guaranteed. The fact that we provide an indication does not assure that a quotation will be offered.

That depends on how large a check you can write without seriously disrupting your finances, and how much you can save by choosing a larger deductible. Many companies require a deductible of at least $1,000 each claim for a single attorney, while $2,500 or more each claim per attorney is considered a more typical deductible as the firm's size increases. Companies may also set a maximum deductible per attorney. Increasing your deductible will lower your premium, but you should be realistic in weighing the value of minor premium savings compared to the additional risk you are assuming, since you will have to pay your deductible before the company begins to pay for costs.

A good way to evaluate this tradeoff is to request several quotations that "bracket" the deductible you feel most comfortable with. Remember, also, to consider whether the deductible applies separately to each claim, or applies on an annual aggregate basis regardless of the number of claims in a policy year.

Professional liability insurance insures a person and/or an entity (corporation, partnership, etc.) against claims made by third parties (clients, customers, etc.), alleging damages arising from a breach of duty in the rendering of, or the failure to render, professional services. In addition, many lawyers professional liability insurance policies provide coverage for related risks, such as personal injury liability related to the professional services rendered, and coverage for certain costs related to grievances or disciplinary complaints.