To address the growing risks faced by middle market law firms, Berkley Select has enhanced its lawyers professional liability (LPL) offerings, adding new coverages, more flexible policy forms and expanded capacity.
As one of the most successful underwriters of LPL for the past 30 years, Berkley Select has an experienced team focused on law firms up to 100 attorneys and provides policyholders with access to specialized risk management resources.
Berkley Select’s lawyers professional liability coverage enhancements include:
• Coverage for losses associated with social engineering acts.
• A withheld fee assistance endorsement of up to $25,000 to cover unpaid legal fees.
• Partner departure extended reporting period for law firm mergers and acquisitions.
The coverage enhancements come as law firms experience a rise in malpractice claims. According to the American Bar Association’s most recent claims study, the percentage of LPL claims involving payouts of $2 million or more were up substantially between 2016 and 2019.
To help reduce law firms’ exposure, Berkley Select has enhanced its tailored risk management services to include risk assessments for individual law firms.
The Berkley Select lawyers professional liability team is led by Vice President of Underwriting Albert Roberts, who joined the company in 2021. Roberts has more than 23 years of experience in the insurance industry, working with multiple carriers and an MGA. He is a former practicing attorney licensed in Illinois and with the United States District Court for the Northern District of Illinois.
“Al Roberts has extensive knowledge and experience in the lawyers professional liability market. His addition to Berkley Select perfectly complements our already strong team,” says Berkley Select President Daniel Spragg.
“The Berkley Select lawyers professional liability team are true specialists in this segment. We understand what coverages law firms need to be successful in their business and support their clients,” says Roberts. “Brokers can rely on us to be a one-stop shop for their clients’ needs.”
Working alongside Roberts is Assistant Vice President of Underwriting for LPL Ashley Fredricksen, who recently was promoted to lead the LPL middle market and excess products. Fredricksen is focused on the department’s product development and growth strategy.
Berkley Select’s lawyers professional liability enhancements come on the heels of the company’s 30-year anniversary.
“The skill of our underwriters, paired with the strength and stability of the Berkley brand and Berkley Select’s 30-year history, is something that sets us apart from many of our competitors,” says Fredricksen. “We are committed to being a long-term professional liability partner to our agents and their clients.”
About Berkley Select
Berkley Select is one of the more than 50 businesses of W. R. Berkley Corporation, a Fortune 500 insurance holding company that is among the largest commercial lines writers in the United States. It operates worldwide in two segments of the property-casualty business: insurance and reinsurance and monoline excess.
Berkley Select underwrites on behalf of Berkley member insurance companies that are rated A+ (Superior), Financial Size Category XV, by AM Best. These Berkley member companies include: Admiral Insurance Co., Berkley Insurance Co., Carolina Casualty Insurance Co., Great Divide Insurance Co. and Nautilus Insurance Co.
For more information about Berkley Select, please visit our website at www.berkleyselect.com or email us at info@berkleyselect.com.