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Insurance Assurance

By Bill Brennan
August 15, 2003

The insurance market is undergoing turmoil as a result of recent trends, including terrorism, corporate scandals and skyrocketing healthcare costs. Premiums are soaring, causing firms to cut back on coverage or to cut into their profits ' choices that could have a profoundly adverse impact on the firm's future success.

Here are some tips to help law firm management address this difficult situation. These tips apply to all three of the broad categories of law firm insurance products ' professional liability, property/casualty and health insurance ' but especially to professional liability because of recent events.

  1. Select the right broker. First and foremost, use an experienced, qualified insurance broker who knows the legal profession. Choose wisely because the broker has a critically important impact on your law firm's ability to achieve its risk management objectives.

    Unless your current broker's competence and qualifications are excellent, seek competitive bids for this extremely important responsibility. Don't rely on someone whose primary qualification is being a personal friend or neighbor of a partner! Insist upon references from comparably sized law firms to ensure the broker knows the legal marketplace and its unique requirements.

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