HDI Global Insurance Company, the US unit of HDI Global, has collaborated with First Indemnity Insurance Agency to offer a new Lawyers’ Professional Liability (LPL) insurance product.
This errors and omissions policy is tailored for small to mid-size law firms with up to 50 attorneys, providing liability coverage for legal service providers.
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The policy is designed to address the distinct professional liability risks that law firms encounter.
It offers liability coverage ranging up to $5m/$10m for wrongful acts such as misrepresentation or breach of fiduciary duty, which may result in financial harm to clients.
Coverage highlights include protection against losses from negligence, errors and omissions during the performance of professional services.
The policy also features network privacy protection and innocent insured/vicarious liability, among other benefits.
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By GlobalDataAdditional key policy features include disciplinary proceedings coverage up to $50,000, defendants reimbursement of the same amount, predecessor firm coverage and a non-practicing extended reporting endorsement.
HDI Global Insurance Company vice-president of delegated authority business Robert Remy said: “Together with the specialised expertise of First Indemnity Insurance Agency we can quickly develop the necessary solutions to meet the evolving needs of our clients and protect them against the growing number of risks that they face.”
First Indemnity Insurance Agency executive officer/programme manager Andrew A Biggio said: “We are excited about our new partnership with HDI. The added capacity with the high-quality financial ratings of HDI will give law firms the security they need. The teams at First Indemnity and HDI clearly understand the specialised needs of law firms, which make this partnership unique.”
Late last month, HDI Global Insurance Company entered a multi-year fronting alliance with property and casualty insurer Hallmark Financial Services.
HDI Global Insurance Company will front the commercial business of Hallmark, with HDI Global Select Insurance Company managing the aviation sector.
