COVERAGE

This facility is available to meet the ongoing demand from U.S. Law firms faced with non-renewal of their professional liability insurance by their domestic carriers. Underwriters offer coverage to clients who are not only prepared to pay Lloyd's premium rates and deductible terms, but also accept the risk management and claims mitigation recommendations put forward by Underwriters Consultants which are a feature of this facility, although these reviews are not typically required on every account.

PROGRAM HIGHLIGHTS

A Third Party Risk review is undertaken on those Law Firms that the Underwriters agree require such a review. Such review is paid for either by a net return premium, or by the Law Firm at the discretion of Underwriters to be arranged at the time of quoting.

LIMITS OF LIABILITY

The Maximum limit available for any one Policy is $2,000,000/$2,000,000 (each claim / aggregate) including costs and expenses. This limit can apply to either Primary or Excess business.

MINIMUM PREMIUM / MINIMUM DEDUCTIBLE

There are no minimum deductibles or premiums applicable

UNDERWRITING INFORMATION REQUIRED

For firm quotes, a Lloyd's Application is typically required. However, Underwriters will consider providing indications of terms on other satisfactory applications (revenues are required). Closed claims information should identify any amounts paid, including Defense Costs. Open claims information should include payments to date, reserves where known and enough details to allow Underwriters to independently determine the nature of the claim, the amounts in dispute and the likelihood of a payment. Where this information is not available, a non binding VRI indication may be given.

SPECIAL NOTES

There are no excluded areas of practice as such, although rating will obviously take the tougher areas of practice into account. Underwriters tend not to quote any firm below 3 attorneys, or below a revenue size of $1MIL. The quote turnaround time is generally around 1 business week, dependant upon the nature of the information provided. Underwriters may ask questions for example, if they feel the information provided is not sufficient.

SCHEDULE OF INSURERS

A) Underwriters at Lloyd's, London, England