More and more law firms are taking a strategic approach to their professional liability procurement. This is due in part to increasing trends in claims severity and the softening market cycle. As an example, law firms of all sizes have been buying increased excess liability limits.
Excess professional liability insurance for lawyers has been around for more than 20 years. During that time, demand for higher policy limits has fluctuated with the various economic and insurance cycles.
Today, interest in excess lawyers professional liability insurance is very much renewed and competition among insurance carriers has never been more intense. There are a number of reasons, related to both the market conditions as well as increases in claim severity.
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