Malpractice Insurance Policy

A Malpractice Insurance Policy, also known as Professional Liability Insurance, is a crucial document for legal professionals. Key features include:

1. Coverage for claims of negligence or errors in professional services

2. Policy limits (per claim and aggregate)

3. Deductible amount

4. Covered services and exclusions

5. Claims-made vs. occurrence-based coverage

6. Extended reporting period (tail coverage) options

7. Defense costs coverage

8. Premium amount and payment terms

This policy protects attorneys from financial losses due to lawsuits alleging professional mistakes or negligence. It typically covers legal defense costs and settlements or judgments. The document outlines specific scenarios covered, such as missed deadlines, conflicts of interest, or errors in document preparation. It’s essential for lawyers to understand their policy’s terms, including any limitations or exclusions. Regular review and updates of the policy ensure adequate protection as a legal practice evolves. Malpractice insurance not only safeguards the attorney but also provides assurance to clients that they have recourse in case of professional errors.