HDI Global Insurance Company, a part of the international commercial insurer HDI Global SE, has announced that it will provide professional liability insurance for lawyers through a new partnership with First Indemnity Insurance Agency. This insurance, known as Lawyers' Professional Liability (LPL) insurance, is tailored for small and midsized law firms, specifically those with up to 50 attorneys. 

The LPL policy addresses the unique risks that law firms face and offers coverage up to $5 million per claim and $10 million in total. This insurance protects law firms from financial liabilities that can arise from various professional errors or wrongful acts committed during legal services. These wrongful acts include mistakes, omissions, misrepresentation, breach of fiduciary duty, bad faith violations, failure to know the law, and providing incorrect advice. All these issues can lead to significant financial harm.

Some key features of this policy include:

Network Privacy Protection: This covers breaches in network security and privacy.
Innocent Insured / Vicarious Liability: This provides coverage for attorneys who may be held liable for the wrongful acts of others within the firm.
Disciplinary Proceedings Coverage: Up to $50,000 is available to cover the costs associated with disciplinary proceedings.
Defendants’ Reimbursement: Up to $50,000 for reimbursement of legal expenses for defending claims.
Predecessor or Prior Law Firm Coverage: This covers claims arising from work done at previous firms.
Non-Practicing Extended Reporting Endorsement: This allows retired attorneys to report claims for work done while they were practicing.

Robert Remy, the vice president of delegated authority business at HDI Global Insurance Company, stated that partnering with First Indemnity Insurance Agency allows them to develop quick and necessary solutions to meet their clients' evolving needs and protect them against the increasing number of risks they face.

Andrew A. Biggio, the executive officer and program manager at First Indemnity, expressed excitement about the new partnership with HDI. He highlighted that the increased capacity and high-quality financial ratings of HDI provide law firms with the security they need. He also emphasized that both First Indemnity and HDI understand the specialized needs of law firms, making their partnership unique.

The collaboration between HDI Global Insurance Company and First Indemnity Insurance Agency aims to offer law firms comprehensive and reliable protection against various professional risks. This is especially important as legal services become more complex and the risks associated with legal practice continue to grow. By combining their expertise, HDI and First Indemnity can provide law firms with the necessary insurance solutions to safeguard their practice and ensure they can operate with confidence.

Overall, this partnership signifies a significant step towards offering specialized insurance products that meet the unique needs of small and midsized law firms. By providing comprehensive coverage and addressing specific risks, HDI Global Insurance Company and First Indemnity Insurance Agency aim to support law firms in managing their professional liabilities effectively. This initiative not only enhances the security of law firms but also contributes to the overall stability and reliability of legal services.

The introduction of this specialized LPL insurance policy reflects the growing need for tailored insurance solutions in the legal sector. As law firms navigate an increasingly complex landscape of professional risks, having robust insurance coverage becomes essential. HDI Global Insurance Company and First Indemnity Insurance Agency are well-positioned to meet this need, offering law firms the peace of mind and protection they require to focus on delivering high-quality legal services.

In conclusion, the partnership between HDI Global Insurance Company and First Indemnity Insurance Agency marks a significant development in the insurance industry, providing law firms with specialized and comprehensive professional liability coverage. This collaboration underscores the importance of addressing the unique risks faced by law firms and highlights the commitment of both companies to delivering innovative and effective insurance solutions. As the legal industry continues to evolve, partnerships like this will play a crucial role in ensuring that law firms are adequately protected against professional liabilities and can thrive in a dynamic and challenging environment.

Share On :