Below are a list of frequently-asked questions to assist you in learning more about legal insurance and the solutions that PLIS offers.
Why should my firm use an insurance broker like Pacific Legal Insurance Services?
An experienced and capable insurance broker like Pacific Legal Insurance Services can analyze your firm's current characteristics and prior history to quickly determine the insurance coverages and potential carriers that are best suited to your situation. PLIS saves your firm time and money by directly negotiating with the various carriers on your behalf and by executing the administrative tasks associated with the process.
PLIS can also assist you in understanding the nuances of various policies and makes recommendations regarding appropriate policy limits. Additionally, our company actively consults with clients to help them minimize risk and decrease costs as their firms evolve.
Back to top
What types of insurance companies does PLIS work with?
PLIS works with a large number of well-known and established legal insurance carriers from Arch Insurance to Lloyd's of London. Most of these companies are "admitted" carriers with an A.M. Best "A" rating. However, PLIS can work with additional insurance providers to accommodate firms with more unique characteristics.
Back to top
How are liability insurance rates determined?
As with most other types of insurance, liability and malpractice rates fluctuate based on supply and demand, and existing market conditions. Pricing is also determined by the risk profile of a particular firm, either real or perceived. The industry landscape has changed throughout the years with different carriers entering and exiting the market based on their assessment of its attractiveness. As in most situations, a greater number of available providers will generally result in a more competitive marketplace.
Back to top
How should I determine my policy limits?
Your policy limits determine the maximum amount of benefits payable for a given occurrence reported under your policy. The costs that the insurance company incurs in defending your claim are applied against your policy limit leaving less funds available for a judgment against your firm or settlement. PLIS can help you determine the maximum exposure your firm can expect to better select an appropriate per claim liability limit.
Back to top
When do I report a claim?
Since all Lawyers Professional liability insurance policies are claims made, it is essential that all notices of claims and/or potential acts, errors or omissions are sent directly to your current carrier in writing immediately to avoid problems regarding timely notice and policy expiration. Claims made means that it is the carrier you are insured with at the time the claim is made is the carrier that you report the claim to not the carrier you are insured with at the time of the occurrence. Please refer to your current policy for address and other contact information.
Back to top
How do I get started working with PLIS?
Please contact us using the information provided on the web site. After a short consultation, we will be able to provide you with an appropriate application which will enable us to obtain multiple quotes for the relevant insurance coverages.
Back to top
Can I work with PLIS if I have been using another insurance broker?
Yes, PLIS would be happy to assist to see if we can identify a more competitive policy to suit your needs and provide exceptional customer service. Please contact us.
Back to top
What if my firm has prior claims?
PLIS works with many law firms that have had prior claims histories and can typically identify carriers that will fit your situation (in most circumstances). Given our experience and industry expertise, we can also offer risk management consulting to assist you in reducing your future premiums. PLIS also offers more formal risk management services through its strategic partnerships with industry-leading risk management firms.
Back to top
Can I obtain and complete an application online via the PLIS web site?
Yes, PLIS offers several online applications which you can access and complete within the applications section of our web site. However, it may be easiest for you to contact us first so that we may direct you to the best application for you to complete based on your firm's characteristics.
Back to top |
