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Renewal jungle: Trends in the US professional liability insurance market

Mid-sized US law firms are struggling to make sense of current trends in professional liability insurance, says Thomas Berman

25 November 2013

For most mid-sized US law firms, their experience of professional liability insurance over the past four to five years has done nothing to dispel the confusion surrounding premiums and coverage. While the marketplace has been soft for some, for others the ability to get and keep solid coverage with prior acts and a reasonable deductible has been a very difficult proposition.

The confusion over the issue of lawyers' professional ?liability insurance includes coverage questions, rate structure/rationale and, of course, premiums. However, even among insurance brokers, underwriters and law firm advisers, there ?is confusion (and consternation) involved in appraising the ?current market environment.

In prior times, for the majority of law firms, procuring professional liability coverage involved a quick phone call to their broker, stating that the firm had no claims, that there were perhaps a few more lawyers than the previous year, but that nothing else wa...

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