LAWYERS PROFESSIONAL LIABILITY

The policy is very similar to the physicians, dentists and surgeons professional liability (discussed above). It covers the insured against liability for acts or omissions arising out of professional services performed for others in a professional capacity. It also applies to acts performed by persons for whom the insured is legally liable.

Coverage A applies to individuals; Coverage B applies to partnerships. Under Coverage B, the policy affords protection to the partnership and its members. Automatic coverage is extended to newly added partnerships and to all changes in the partnership. For an additional premium, it is possible to cover the personal liability of employees of the insured.

The policies cover the acts or omissions of the insured on a claims-made basis. The policy excludes loss caused by any fraudulent act or omission committed by the insured or an employee. If an insured is a salaried employee, the policy does not cover claims made by his or her employer.

There is a special clause relating to the insured’s duties as an executor or administrator, guardian, trustee or similar fiduciary. The insured’s acts or omissions in the course of performance of his or her duties in such capacity are covered, but only to the extent that such acts or omissions are those for which he or she would be legally responsible as an attorney for a fiduciary.