AXA XL Insurance, a division of AXA, is extending its in-house professional liability underwriting expertise to law firms of all sizes, including defense firms, providing comprehensive errors & omission protection against malpractice claims, as well as coverage for licensing and disciplinary proceedings. AXA XL has also expanded the product offering, making both primary and excess coverage available – either on an admitted or surplus lines basis -- depending on the law firm’s needs.
According to Paul Rowe, Head of Lawyers and Accountants Professional Liability for AXA XL, “Law firms can face some of their own high-dollar legal scenarios arising from things like conflicts of interest to even simple mistakes such as a blown statute of limitations, all of which can lead to large malpractice claims. We see a steady rate of such claims but are now watching a more concerning trend -- increasingly larger settlements and judgments together with higher claims costs.”
“That’s why law firms, no matter their size, need to make sure that their professional liability coverage can stand up to today’s trends and expectations,” added Mr. Rowe. “While our team has been addressing these concerns for small law firms of 10 attorneys or less, as well as larger firms with 25 or more attorneys, the team has geared up to bring the same quality of underwriting and coverage to firms of all sizes across most areas of practice, including defense firms.”
AXA XL Insurance’s Errors & Omission coverage for law firms includes a broad definition of professional services. Other coverage features include:
• A broad definition of insured to include independent contractors, per diem lawyers and of counsels.
• Mutual choice of counsel
• Punitive damages coverage where permitted by law
• A “soft hammer clause” and subpoena coverage are also available.
• Career coverage for attorneys who are at the firm at the inception date of the first policy issued by AXA XL
• Up to $25,000 defense costs for disciplinary proceedings
• Worldwide coverage – applies to wrongful acts committed and claims brought anywhere in the world where permitted by law
• Multiple extended reporting period (tail) options
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ABOUT AXA XL
AXA XL provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com
ABOUT AXA XL INSURANCE
AXA XL Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com