The annual premium per attorney can vary widely depending on limits of liability, deductible, length of time in practice, claim history, areas of practice, and a number of other factors.

Click the Apply Now button to obtain an approximate indication of premium, but bear in mind that premiums can vary substantially based on individual and firm practice characteristics that can only be evaluated with a completed and signed application. In addition, coverage is subject to underwriting standards and is not guaranteed. The fact that we provide an indication does not assure that a quotation will be offered.

 

No, but it is highly recommended by the HSBA. Current statistics show that in any given year, a minimum of five to six insured lawyers out of every 100 in private practice will experience a malpractice claim. Statistically, this means a firm of 20 lawyers could be the recipient of a claim every year. Since the exposure to legal malpractice is greater now than ever before, it is a prudent part of law office management to establish meaningful loss prevention practices including the purchase of proper lawyers’ professional liability insurance coverage.

There is no single way to answer this question. Under most policies, the "each claim" limit of liability defines the company's maximum total obligation for settlements, judgments and defense costs (including attorney fees) in connection with a single claim, so you should keep in mind that costs can consume a significant part of the limit.
 

One common benchmark is to select an each-claim limit that would cover all or most of the firm's liability for a claim (plus the cost of defense) arising from a "typical" engagement, assuming the firm was found to be 100% responsible.

Following are some key points of comparison:

• Financial security
  Is the company admitted in Hawaii? Is the company rated by A.M. Best & Co., Standard & Poor's and/or Moody's? 
• Experience
  How long and how successfully has the company written legal malpractice insurance? 
• Long-term commitment
  Has the company demonstrated a commitment to this line of insurance through both good and bad times? 
• Claim handling
  Does the company respond promptly, appoint qualified defense counsel when necessary, and actively pursue a fair and speedy resolution?

The state Bar approved program is underwritten through Westport Insurance Corporation, a member of Swiss Re Corporate Solutions. Swiss Re Corporate Solutions has earned strong financial ratings, including “AA–” by Standard & Poor’s, “A1” by Moody’s and “A+” by A.M. Best. Wesport/Swiss Re's commitment to lawyers and their law firms is unparalleled.

Policy Features include:

• Broad definition of professional services including arbitrator, mediator, notary, title agent, escrow agent or fiduciary
• Broad range of limits of liability
• Optional Additional Claims Expenses Outside the Limit of Liability
• Free risk management webinars with HI CLE credits
• Complimentary and confidential hotline to answer risk and practice management questions
• Free access to a risk management website with model letters, checklists and more
• Download the Swiss Re Lawyers Professional Liability Product Highlights Sheet for more information.

That depends on how large a check you can write without seriously disrupting your finances, and how much you can save by choosing a larger deductible. Most insurance companies offer varied deductible options. Companies may set either a minimum or maximum deductible, depending on underwriting criteria. Increasing your deductible may lower your premium, but you should be realistic in weighing the value of minor premium savings compared to the additional risk you are assuming, since you will have to pay your deductible before the company begins to pay for costs.
 

A good way to evaluate this tradeoff is to request a quote with deductible options above and below the deductible you are considering. Remember, also, to consider whether the deductible applies separately to each claim, or applies on an annual aggregate basis regardless of the number of claims in a policy year.

Professional Liability Insurance protects the named insured against claims arising from real or alleged errors or omissions (including negligence) in the course of their professional duties. Professional Liability claims may arise out of professional activities, such as failure to render professional services. Professional Liability Insurance only covers insured’s when they are acting as a professional. Professional Liability Insurance is also known as Errors and Omissions (E&O).

The Lawyers’ Proliability Program offers a convenient, low-cost premium financing plan through AFCO. The plan requires a down payment of 10% of premium at the inception of coverage, with the balance payable in nine equal monthly installments beginning 30 days thereafter.