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Vince purchased his lawyer's professional coverage in a package policy that included property, general liability, and professional coverage. Sixty days before its renewal a notice was sent by his carrier alerting him that professional coverage was being discontinued on the renewal. The renewal policy was issued as indicated without professional coverage but with a significant reduction in premium. Three years later, when he realized a professional claim might be presented, he sued his carrier to provide professional coverage retroactively.
Cancellation conditions are part of every policy. They explain the circumstances under which policies can be cancelled and the manner in which the cancellation notice must be provided. Non-renewal conditions are not as universal. While some policies may contain information regarding when and how a policy can be non-renewed, many do not. Fortunately for the majority of insureds, many states have established mandatory non-renewal requirements that companies have incorporated into amendatory endorsements.
Starting with a template can make comparisons easier
ISO has developed a standardized lawyers professional policy but because it was only recently introduced, most insurance carriers use proprietary forms. Because of how different forms are constructed, it may be difficult for a client to recognize important differences in coverage. Providing an easy to follow comparison may be helpful.
Do your clients understand that they need professional coverage
Many individuals are involved in professional activities without necessarily understanding the unprotected exposure they are creating. The worst time to discover that gap is when a lawsuit is presented.
