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Assisting NJ & NY Law Firms Determine the Coverages they need to Protect their Assests

Claims Expenses in Addition to Limit of Liability for Policies with Limits of $1 Million or Greater – Some carriers may eliminate the 50% offset endorsement for claims expenses and replace it with full claims expenses in addition to the limit of liability.

Mutual Choice of Counsel – In the event that defense of a claim is needed, most carriers hold sole authority over which firm defends you. Some carriers, however, offer an endorsement allowing for you to select your law firm of choice (subject to approval by the carrier).

First Dollar Defense – The carrier will pay an initial amount for damages before your deductible is due.

Innocent Insured Coverage – If an attorney in the firm knowingly committed an offense that voids coverage for a claim arising out of such an act, that attorney will not be covered. However, those attorneys in the firm who had no knowledge of these acts will still remain fully covered.

Disciplinary Hearing Defense – Separate aggregate and per policy period limits are offered for disciplinary hearing defense. It may also be offered as a sublimit.

Expense Reimbursement – Reimbursement for time missed when attending a trial, court imposed hearing, or arbitration proceeding for a claim.

Mediation Credits – If a claim is settled or resolved through mediation, the deductible is reduced. This reduction can be as high as 50%, depending on the carrier.

Subpoena Expense Coverage – There is a separate limit for fees and expenses incurred by an insured as a result of any covered subpoena served on an insured.

Softened Hammer Clause – When a settlement is offered and the carrier wants to agree to that offer but your firm wishes to continue to fight the claim, many carriers will invoke a ‘hammer clause’ stating any claims expenses and damages awarded exceeding the amount of the rejected settlement will be paid in full by your firm. A ‘softened hammer clause’ states that the amount awarded that exceeds the rejected settlement proposal will be split between the carrier and your firm.

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