Core Specialty, RPS team for lawyers professional liability program | Insurance Business America
Core Specialty Insurance Holdings and its subsidiaries have announced an agreement with Risk Placement Services (RPS) to offer lawyers professional liability (LPL) insurance. The new partnership will build on RPS’s underwriting and marketing experience in this niche.
The program is now available on a non-admitted basis, and Core Specialty plans to offer admitted-basis coverage upon the completion of its filings.
The new program, for standard market lawyers business with RPS, was launched to complement Core Specialty’s non-standard lawyers product. The new RPS Signature Programs offering will be available nationwide (except Alaska) and will provide LPL coverage for small to medium-sized law firms.
Highlights of the program include:
- 1- to 50-attorney firms
- Broad definition of professional services
- Claims expenses in addition to the limit of liability available
- First-dollar defense deductible available
- 50% reduction for agreement to use mediation and the claim is settled at mediation (up to $25,000)
- Per-claim and aggregate deductible options
- Relaxed consent to settle clause 50/50
- Limits of liability up to $5 million available
- Pre-claim assistance
“RPS Signature Programs has more than 35 years of underwriting experience with the primary focus on this line of business,” said Adrienne Woodhull, area president with RPS Signature Programs. “We are using our expertise in professional liability writing $30 million in premium placed this past year, which means if you have questions, we have answers.”
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“When Core Specialty completed the recapitalization of StarStone U.S. Holdings, Inc., on November 30, 2020, we established the Errors & Omissions Professional Liability Division and recruited Jeff Jacobs as division president to increase our focus on these product lines,” said Jeff Consolino, president and CEO of Core Specialty. “We believe many professional liability classes are continuing to see strong opportunity after changes in appetite in the admitted market created a void that has not yet been filled by E&S markets.”