Designed for public or privately held companies or non-profit entities with revenues up to $350m
The Hartford Financial Services has introduced a professional liability policy specifically for staff attorneys. The Employed Lawyers Choice Liability Policy is designed for small and midsize companies that are looking to provide coverage for their in-house counsel.
The new policy features coverage for disciplinary proceedings, potential disbarment proceedings, and failure to comply with Sarbanes-Oxley section 307. It also features defense costs for claims brought by the employer or named entity against its attorney.
In addition, the policy features a non-rescindable Side A coverage, which protects insured persons when they aren’t indemnified by their employer or the named entity, coverage for legal and notary services and optional coverage for securities violations.
According to the company, The Hartford’s policy also offers optional coverage for attorneys doing pro bono work and moonlighting – two key activities that could generate legal malpractice claims, but are not covered by traditional directors and officers (D&O) liability policies. D&O policies typically contain professional services exclusions and do not cover in-house attorneys in their legal advisor capacity.
Will Demers, director of financial products underwriting for The Hartford, said: “In-house attorneys can face lawsuits stemming from a variety of areas, including employment practices, contract drafting, mergers and acquisitions. Lawsuits due to errors in those areas can result in significant defense costs and settlement payments.”
Reportedly, The Hartford’s policy is designed for public or privately held companies or non-profit entities with revenues up to $350m. Deductibles begin at $5,000 with aggregate limits ranging to $5m.