Its ‘Practice Protect’ policy is designed to ensure that professional managers and others running the firms are not left uncovered - as some of them were when the 1,000-lawyer leading US practice filed for bankruptcy in 2012. Beazley says that an ‘additional excess limit has been set aside exclusively for non-partner executives for non-indemnifiable management liability claims should an investigation or inquiry occur’.
Cyber liability insurance
Warning that ‘a rapidly evolving market’ for legal services could leave other areas uncovered, Beazley is making various extensions to the package it offers. These include cyber liability insurance and special terms which could cover overtime claims from contract staff working on document review. The policy is initially being offered in the US and for global law firms.
Tortious interference
Wayne Imrie, London-based underwriter at Beazley, said: ‘We have seen a much more competitive market for legal services increase exposures in a number of ways. For example, claims of tortious interference – the risk that a firm taking on lawyers from another firm will be accused of having somehow contributed to or exacerbated its difficulties – are a source of increased concern in recruitment decisions.’ Source: Insurance Journal
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