Lawyers' Professional Liability

Plan Details

The NYSBA insurance program features broad LPL coverage tailored to the unique needs of New York attorneys and law firms, with competitive rates and exclusive credits for NYSBA members.

Policy Highlights

• 5% Bar Association membership credit applied to your LPL premium for each attorney that is a member of the NYSBA.
• 7.5% risk control credit per attorney for two years after completing a qualifying CNA risk management seminar.
• Limits of Liability range from a minimum of $100,000 per claim/$300,000 aggregate up to a maximum of $10M/$10M. Claims expense outside limits coverage is available, subject to underwriting.
• Full Prior Acts Coverage available
• Broad definition of Legal Services
• Broad definition of Insured

Definition of Legal Services includes

• Professional fiduciary, trustee services ordinarily performed by a lawyer
• Arbitration, mediation, notary public and title agent services ordinarily performed by a lawyer
• Full Prior Acts available for qualifying attorneys

Definition of Insured includes

• Attorneys in your New York law firm, including new hires who join your firm mid-term
• Of counsel attorneys or those acting on a contractual basis for legal services rendered on behalf of your firm
• Employees of your firm, including paralegals and investigators, acting within the scope of their employment
• Attorneys and staff of predecessor firms for legal services rendered on behalf of your firm
• Retired and disabled attorneys for legal services rendered on behalf of your firm
• Former attorneys for legal services performed on behalf of your firm
• Lateral Hire Coverage
• Attorneys who join your firm may be covered for their prior acts, provided:
  1. they meet the terms and conditions of the policy and are subject to underwriting approval; and
  2. have maintained continuous claims-made coverage while in practice (however, this coverage may be excluded from the policy upon your law firm’s written request.)

Special Benefits for Sole Practitioners

• Part-time Program specifically designed if you work on average fewer than 26 hours per week in your own practice
• Extended Reporting Period provides you or your estate with extended coverage, at no additional charge, in the event of total disability or death
• Retiree Benefit provides an Unlimited Extended Reporting Period, at no additional charge, provided you have had continuous coverage by any insurer for three years
• New Attorney Discount may be available if you opened your own solo firm within one year of graduating from law school—a 30% discount in your first year; a 20% discount in your second year; and a 10% discount in your third year

Sample Policy Forms

Frequently Asked Questions

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