Law firms and similar organizations have very specific needs when it comes to insurance. Certain policies are a given for attorneys, such as liability coverage. Still, there are a number of options that can be crucial to take out in order to cover all your bases. For example, when a claim goes unreported for a good amount of time, it can be easy to forget. If the claim goes through after certain policies have lapsed, it can spell out disaster for your organization. This is where Prior Acts coverage can prove advantageous for your law organization.
No Need for Extended Endorsements
Coverage involving prior acts is a type of cushion that is used by law organizations looking to extend protection. When you aren’t expecting a legal battle and one arises, having this plan in place can help you be ready for what’s in store. There’s no need to set a retroactive date, as the policy will extend to include all of the claims that were made with previous carriers and insurance packages. This reduces the need for extended reporting period endorsements, which can save a ton of cash. Other benefits include:
- Peace of mind over unclear legal issues
- Inexpensive alternative to extended endorsements
- Personalized coverage for your type of law
Coverage That Matches Your Needs
By taking time to understand all of the insurance options available, you will be able to make the most sensible decision for the future of your law organization. Review all of the coverage details to determine which will help you find success.