When a professional faces a malpractice claim, contacting the insurance carrier can often lead to further feelings of dread or worry. Yet it is critical to timely and accurately report every actual or potential claim, or coverage may be barred.
We explore and analyze current issues and relevant topics to help accountants, attorneys, architects and engineers, insurance agents and real estate brokers avoid a professional liability case.
If global warming has taught us anything, it is that we will face increasing natural disasters - storms, floods, forest fires, and other devastating weather events appear almost daily on the news. In St. Louis, record rainfall flooded the metro area in July 2022. And these natural disasters collide with an attorney's obligation to maintain client files.
Insurance policies covering professional liability risks commonly afford coverage with eroding limits - such that the insurer’s payment of legal fees and expenses reduces the policy limits available to pay a settlement or judgment - and require an insured’s consent to settle.
Modern professionals today rely on a vast network of computers, servers, and/or cloud-based systems as the primary means of storing client information and conducting their businesses. While most are aware of cyber threats posing substantial risks to their businesses - and have even taken defensive measures - cyber insurance is often an afterthought.