Top Tips for Purchasing Legal Malpractice Insurance Presented by: T. Scott Galloway, Esq. and Howard H. Collens, Esq. Galloway and Collens, PLLC & Theodore C. Nittis, Esq. Oswald Companies
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Top Tips for Purchasing Legal Malpractice
InsurancePresented by:
T. Scott Galloway, Esq. and Howard H. Collens, Esq.
Galloway and Collens, PLLC&
Theodore C. Nittis, Esq.Oswald Companies
Picking a Broker Call once a year Be proactive during renewal Pick one broker who can go to
multiple markets Ask around for referrals
Coverage Limits Not an exact science Risk Tolerance Benchmarking for small firms Areas of practice Size of cases handled – risk is not
for the entire deal
Deductibles As a general rule – 1% of gross
revenues
How much will changing the deductible change the premium?
The value of going with a higher deductible – more skin in the game should result in lower premiums
Selecting a Policy Components of the policy
Completing practice questionnaire
When to Consider Switching Carriers
Risks when switching Making any possible claim known Loss Ratio
Advantages of switching
Renewing
Step Rating – Capping the rate Asking for a loss run Notice for non-renewal Talking to your broker about “Plan B”
in advance Don’t over-market your policy
How and When to Report a Claim
Be expansive Grey areas “Could reasonably give rise to a claim” Bad results or billing complaints = Not likely
a Reportable Event Bad result plus allegation of blame =
Reportable Event May include phone call, email, lawsuit,
grievance When to report but not seek coverage Grievances
Opening Your Practice Lower premium costs that
increase over time
Are there any prior acts that need to be covered?
Avoid a broad list of practice areas on your website
Adding Practice Areas
Risk of practice area – based on actuarial data
Dabbling – Don’t do it!
Fee Suits – Don’t Do It Makes you adverse to client Opens you up to a counterclaim – including
malpractice Legal malpractice as a defense is a reportable
claim Cost of chasing the funds Wait for statute of limitations before initiating
suit Establish a minimum threshold below which
you will not consider filing Have another attorney handle the litigation Impact on future insurability?
T. Scott Galloway & Howard H. CollensGalloway and Collens, PLLC
26075 Woodward Ave, Suite 200Huntington Woods, Michigan 48070
248.545.2500GallowayCollens.com
[email protected] Twitter: @howardcollens
@ProbateLawMI @RealEstateLawMI
Theodore C. Nittis, Esq.Oswald Companies
39572 Woodward Ave Suite 201Bloomfield Hills, Michigan 48304
248.433.1466 OswaldCompanies.com
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