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Being focused in  underwriting and marketing lawyer's professional liability insurance, its easy and sometimes concerning to spot trends in this volative arena. Clearly, one trend seen here in California this year has been the exiting of a significant number of carriers from the LPL market. Fortunately, there is still plenty of capacity in the insurance sector to lure new carriers to the table so that California lawyers are not experiencing a true hard market like 2001. I guess we can thank such low interest rates in the  financial sector for directing investment capital into the insurance industry. But I think we must recognize that even low interest rates cannot offset the significant losses many under priced and inexperienced lawyer's malpractice carriers incurred over the past few years.
 
Another trend I've seen during 2014 is attorneys moving from solo practices into various forms of  partnerships and corporations and vice versa, ie, larger entities dissolving into a number of smaller practices. This movement can often be expensive when it comes to professional liability considerations. Extended Reporting Period endorsements (tails) costs are significant and often too high to be bought. My concern here is that down the road we could be seeing a high number of uninsured lawyer's professional liability claims wherein attorneys are surprised they don't have coverage.

By Dan McKenna, JD, RPLU

For more information about lawyers professional liability insurance in California, call Mitchell & Mitchell Insurance Agency a call at 415-883-2525 today!
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