Specialist Law Firms brochure - Beazley

Beazley
Specialist Lawyers

Specialist

Beazley Specialist Lawyers insures law fi rms with areas of practice that traditionally have faced challenges obtaining quality long term coverage from
US domestic markets. Our clients include fi rms specialising in plaintiff, class action, intellectual property, entertainment, family law and collections work.
Our clients run from small local law fi rms to nationally known practices that are amongst the most successful law fi rms in the US.
Our business is underwritten on a surplus lines basis by a dedicated, experienced team at Lloyd’s of London.
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Our view has always been long term

The fi rst insurance was placed at Lloyd’s in 1688. Lloyd’s has grown over 300 years to become the
world’s leading market for specialist insurance with a premium capacity of over $30 billion in 2008.
Beazley started underwriting in Lloyd’s in 1986 and is now a FTSE 250 company quoted on the
London Stock Exchange. The Beazley syndicates at Lloyd’s have premium capacity of approximately
$1.6 billion in 2008.
We are committed
to the market for lawyers professional liability and currently insure 70 of the fi rms in the AmLaw 200.
Beazley Group plc is also the parent company of Beazley Insurance Company, Inc., an A.M. Best
“A” rated insurer writing business in the US on an admitted basis.
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Rain or
shine...
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Many insurers come and go in the market for lawyers professional liability. If you glance at your own
insurance history you may even fi nd some of the 20 or more carriers that have left the market in the
last 15 years. When you buy your professional liability insurance
you’re buying
a promise
to pay in the event you suffer losses that need paying in the future. For some insurers,
making promises of more coverage or lower prices without underwriting discipline is easy.
Still being there to keep your promises two, ten or more years later is much harder.
After all what’s the point in an insurance partner that can’t weather a storm?
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At Beazley we’re committed to being there for our clients through rain and shine, as our clients who’ve been with us over many
market cycles will attest. Being there when the rain comes doesn’t always make us cheapest. It does mean we’re there when our
clients really need their insurance partner behind them. It also means that while many insurers drop their clients when they have
a claim, we have found many of our longest and most enduring client relationships are forged when a claim is made. Whether you
found us when you had a problem or you wanted
a long term partner
you can be confident in
our commitment is the same.
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Coverage

14from $500,000

to $15m
100% Lloyd’s security
Broad LAW07 policy language
Limits from $500,000 to $15 million
Aggregate costs inclusive limits
Each and every cost inclusive deductibles
Broad defi nition of claim
Continuity cover for renewing clients
Cover for predecessor fi rms
Cover for ex lawyers and partners for the work on behalf of the fi rm
Cover for contract lawyers
Policy language designed to minimise disputes and cover what matters
Options for world-wide coverage
Renewable Extended Reporting options with annual limits and options to amend limits and deductibles
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Investment in claims service
Choosing the right partner to protect your assets is an important decision. Although
professional liability is a third party policy, your own business and reputation may be
affected by everything from the choice of counsel, the strategy employed to deal
with the claim, the way policy language is interpreted, and above all the quality of the
people who handle the claims on your behalf.
Beazley sees claims as offering important opportunities to strengthen client relationships,
providing
moments of tr uth
in which the real value of the insurer’s offering can be demonstrated. The more complex
the claim, the greater the opportunity.
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We do not have a
‘claims department’
segregated from underwriters. We believe that claims professionals can help underwriters tailor coverage that will respond unequivocally
in the event of potential claim scenarios. We also believe that our claims experts benefi t from close interaction with underwriters so as to
understand fully the intent behind the policy language. Working practices among claims managers are also critical. We assign two claims
managers to signifi cant claims, where the second claims manager acts as a sounding board, and hold round-table discussions on complex
and potentially contentious claims, thereby tapping the full breadth of the team’s experience.
Breadth and depth of experience are both essential. We have team members who have earned their spurs working in claims management,
law, actuarial science, management consulting, and insurance broking. And in a single team with members on both sides of the Atlantic,
we have professionals schooled in very different market environments. Our senior claims managers have an average 15 years’ experience
developing their various areas of expertise.
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Many insurers come and go in the market for lawyers’ professional liability. If you glance at your own insurance
history you may even fi nd some of the 20 or more carriers that have left the market in the last 15 years. When
you buy your professional liability insurance
Building on your success
solving
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problems
We are able We are to help able you to help tailor you your tailor coverage your coverage to protect to your protect assets your effi assets ciently effi and ciently minimise
the disruption and minimise to your business the disruption caused to your by claims. business caused by claims.
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Access to
decision makers
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Our open, collegial and collaborative culture means our clients get entrepreneurial underwriters who give straight answers and make rapid decisions.
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Special
features
We offer a range of options for clients who want extra peace of mind. As well as providing Lloyd’s primary limits of up to $15 million,
your policy can be enhanced to provide you with a defence against any claim arising from your legal work, regardless of exclusions
that would otherwise apply. We can provide you with choice of your defence counsel. We are also able to fi x the date of knowledge
of excluded known matters from the date of your fi rst continuous primary policy with us to minimise the possibility of a policy dispute.
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Risk Management
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...should a problem arise, our team will aim to fi nd a so

While we are there for our clients if a problem arises, prevention is always better
than cure. We have worked with clients to reduce the likelihood of a claim,
thereby reducing reputational risk and
saving long term
on premium spend.
We have worked with many of the top sources of independent risk management
expertise, including Berman and Associates who have performed risk management
reviews for nearly 1500 law fi rms across the US.
Your policy will provide phone support and preferential rates from Berman and
Associates who have over 20 years’ experience in advising the legal community
on minimising risk and maximising their business potential.
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Q
Do your underwriting and claims teams work together to produce joined up results?
Will your insurer support you in a valid claim and allow you to minimise the disruptive effect on your business?
Will your insurer provide you with good advice and a choice in who should best defend you?
Is your insurer experienced in dealing with complex matters when they arise?
Will your insurer allow your broker to have direct access to the decision makers if you need to resolve a problem or
negotiate a policy change to suit your needs?
Does your insurer have the size and proven fi nancial history to be there for you by the time a claim needs to be paid?
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&A
Beazley does.

Beazley Group
Plantation Place South
60 Great Tower Street
London EC3R 5AD
United Kingdom
T +44 (0)20 7667 0623
F +44 (0)20 7674 7100
David Nicholson
London
T +44 (0)20 7674 7095
E david.nicholson@beazley.com
David began his insurance career as a broker in
1984 and joined Beazley in 1986. During the
course of his career, he has underwritten
a broad book of business including professional
liability, product contamination, and intellectual
property risks. Within the lawyers professional
liability team, he focuses on specialist law firms,
some of which are regarded as difficult to place
by other insurers.
The descriptions contained in this folder are for preliminary informational purposes only. Coverages will vary
depending on individual state law requirements and may be unavailable in some states. The exact coverage
afforded by the products described in this folder is subject to and governed by the terms and conditions of
each policy issued. The publication and delivery of the information contained herein is not intended as a
solicitation for the purchase of insurance on any US risk.