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Not Your Father’s LPL

The financial crisis hit lawyers hard, with more clients blaming their attorneys for poor deals in real estate and other industries. But this doesnt translate to the hard lawyers professional liability markets of the past. Learn how to navigate this challenging but potentially lucrative market.

By Jody Harris, ARM, RPLU | Updated on August 31, 2013

At the November 2011 Prof­essional Liability Underwriting Society Conference inSan Diego, the message was that in 2012, underwriters would start taking rate increases. Sure enough, they were true to their word and we saw rate increases from long-term LPL carriers take rate increases on average from 5 percent to 10 percent. After 8 years of decreasing premiums and expanded coverage terms, this was a change firms were not used to and one that continues in 2013. We’re in a firming insurance market, which means premium increases and in some cases, restricted terms and decreasing limits. On the other hand, from the newer entrants in the marketplace, with immature books of claims, we haven’t seen the rate increases we’ve seen from long- term writers of LPL insurance.

But we’re not in a “hard” market. In years past, this implied carriers pulling out of the professional liability marketplace. With the number of carriers writing LPL insurance, and plenty of capacity, it’s hard to believe we would ever see a hard market in the near future.

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