LAWYERS’ PROFESSIONAL LIABILITY ACORD/COMPANY SPECIFIC APPLICATION CONSIDERATIONS

(March 2023)

ACORD forms are designed primarily to mesh with ISO policy forms, manual rules and rating plans. They are relatively generic in nature. ACORD introduced a Lawyer Professional Section in 2014 but company specific applications will continue to be required when proprietary policy forms are used.

RELEVANT ACORD FORMS

The general data requested by ACORD application forms is critical for underwriting coverage for law offices. A Lawyers’ Professional Liability Insurance submission may be completed with information maintained by a given insurance agency

Pertinent ACORD forms include:

· 125 - Commercial Insurance Application

· 833–Lawyers Professional Liability Section

SPECIFIC FORMS CONSIDERATIONS

125–Commercial Insurance Application: All information is relevant. Be sure to check the appropriate boxes to tell the underwriter what lines you are submitting. Both the first named insured and all insureds must be listed to be covered. Loss information is probably better submitted for large accounts in the form of copies of currently valued loss runs for the past five years, including the current year to date.

833–Lawyers Professional Liability Section: All information is relevant. Questions should be answered thoroughly and completely because all information will be used by the underwriter in determining whether the applicant is acceptable. The information will also be used to develop the premium.

PROFESSIONAL LIABILITY APPLICATION CONSIDERATIONS

Applications for Lawyers’ Professional Liability Insurance are comprehensive and detailed. Critical underwriting data (e.g., whether there is knowledge of a situation that might lead to a claim) must be supplied by the applicant's official representative.

FACT GATHERING - APPLICATION

Lawyers’ Professional Liability Insurance applications typically include wording that makes the person who signs the form, warrant that information. An applicant for this vital insurance must be advised to complete the application with great care, allowing adequate time for doing so completely and accurately, let alone truthfully. The acknowledgment triggered by their signature should be fully discussed. The signature affirms all statements in the application, including data incorporated by the agent. It is important to remind the client that this application will become part of the policy.