First Indemnity Launches New Professional Liability Product for Law Firms

IBA - May 27, 2021 - First Indemnity Insurance Group, a specialty insurance agency dedicated to professional liability products for lawyers and law firms, has launched special insurance coverage designed to help law firms that may be carrying inadequate coverage or that are seeking higher limits.

The new coverage, Excess Protect, is for law firms with one to 750 attorneys. It was created in response to shrinking capacity and higher rates in the professional liability market, First Indemnity said.

“The world is an increasingly complicated place, and the risks law firms are facing are considerable and increasing,” said John Randolph, vice president of First Indemnity. “First Indemnity’s Law Firm Excess Protect can help close coverage gaps for firms that aren’t carrying adequate coverage or those that need higher coverage limits due to the challenges and risks associated with running a modern law firm.”

First Indemnity provides the coverage through a carrier rated A (excellent) by A.M. Best. Coverage can be written on an admitted or non-admitted basis, with both follow and non-follow forms available.

The minimum attachment point, or the amount over which Excess Protect would apply, is $100,000, with limits written up to $10 million