Risk Placement Services offers admitted lawyers professional liability to two more states

Risk Placement Services offers admitted lawyers professional liability to two more states | Insurance Business

Risk Placement Services offers admitted lawyers professional liability to two more states

Risk Placement Services (RPS) has expanded its admitted lawyers professional liability program to New York and Texas – the two states considered to have the largest number of attorneys in the US.

The admitted lawyers professional liability program was established in 1985. It is managed by RPS PLUS, a nationwide underwriting manager that places more than $20 million in lawyers professional liability premium.

A release said that law firms with two to 50 attorneys are eligible for the program. The program features include limits of liability up to $5 million, express vicarious liability, annual aggregate deductible, an unlimited ERP option, and an automatic 60-day extension for reporting claims.

“With ease of doing business and responsiveness in the forefront of everything we do, our goal is to provide the best solution for our insureds, all while offering competitive rates and industry-leading risk management solutions, including a pre-claim hotline with consultative services by experienced attorneys,” said RPS area president Adrienne Woodhull.

Citing data from the American Bar Association, RPS mentioned that attorneys are estimated to face at least three malpractice claims over the course of their careers. Lawyers professional liability insurance can provide coverage for claims that arise from “wrongful acts” committed in the rendering of legal services in the lawyer’s capacity, RPS noted, and it can also offer both indemnification coverage and claims expense coverage.