MINNETONKA, Minn., Oct. 11, 2012 /PRNewswire/ -- OneBeacon Professional Insurance (OBPI), a member of OneBeacon Insurance Group, Ltd. (NYSE: OB), today announced its non-admitted Lawyers' Professional Liability product for law firms in certain areas of practice.
"This new, non-admitted product gives brokers the flexibility to consider a wide variety of options when presented with difficult law firm risk protection issues," said Kim Noble, Senior Vice President for OBPI's Lawyers' Professional Liability (LPL) Division. "We can tailor coverage to provide solutions to an expanded range of unique and complex situations, allowing brokers to react quickly to changes and opportunities in the marketplace."
OBPI's non-admitted coverage considers a variety of risks, including firms with ten or more attorneys, plaintiff firms (including class action/mass tort), bankruptcy, collection and foreclosure firms, real estate firms, estate, probate and trust firms, as well as other areas of practice, all subject to underwriting criteria. Additional features of the product include:
- Limits available are $1 million/ $1 million up to $5 million/ $5 million;
- Disciplinary proceedings costs coverage at $25,000/ $100,000;
- Definition of professional legal services includes lawyer, notary, arbitrator/mediator, court appointed fiduciary, lobbyist and trustee;
- Business will be placed with a OneBeacon Insurance Group surplus lines underwriting company, which has an A.M. Best "A" rating.
"Brokers are facing a variety of challenges when it comes to lawyers' professional liability," explained Noble. "We want to put our expertise and experience to work for them to help find ways to meet those challenges."For exact coverage descriptions and limits, customers should refer to the actual Lawyers' Professional Liability policy, as exclusions and deductibles may apply. Coverages are subject to policy terms and conditions and may not be available in all states.