When is the right time for lawyers to purchase an ERP?
Founders Professional is a national wholesale insurance brokerage focused exclusively on the placement of professional liability insurance. We have extensive expertise in Architects & Engineers, Cyber, Technology, Financial Institutions, Lawyers, Healthcare, Management Liability, and Miscellaneous Professional lines.
One of our six Practice Groups is focused on insurance solutions for Law Firms. Firms of various sizes look to us for guidance on proper coverage for a variety of situations. One of the questions we frequently get asked is if we can advise on stand-alone extended reporting periods, otherwise known as “ERP” or “tail coverage.”
There are many reasons why an individual lawyer, a group of lawyers, or an entire firm might be interested in obtaining a stand-alone ERP, including the following:
- An attorney is joining another firm and they want to have coverage for their past work.
- An attorney is leaving a firm and they want to make sure their past work is protected regardless of the insurance decisions that their former firm makes after their departure.
- A law firm or attorney has had a gap in coverage and they want to fill that gap.
- A law firm has an ERP option in their policy, but the cost is incredibly high (some can be as high as 300% of the expiring premium). A stand-alone option could save the firm money.
- A law firm has a short or expiring ERP and they would like to add additional years onto the end of it.
- A law firm has a lower limit ERP and they would like to add an excess layer above it.
Those are just a handful of examples, all of which we have worked on and placed coverage for. If you find yourself in need of a solution for one of your law firms in need of different ERP options, then please come to Founders Professional. We would be happy to help.
Robb Williams, President
Email me when you’re ready to get started: Robb.Williams@founderspro.com