Common Claims Against Attorneys
According to the latest numbers, about 12% of practicing attorneys are likely to face an allegation of malpractice in any given year. Dealing with a professional liability claim can be expensive. The IRIS Lawyers Malpractice Programs are among the fastest growing, most competitive Errors and Omissions Programs in the country.
The Kinds of Claims Can A lawyer Can Be Involved In
Negligent Misrepresentation - An attorney for the seller of a construction company developed a sales contract that included representations about past revenue performance. The attorney did not complete proper due diligence with the sellers accounting firm, and as a result, revenues were overstated. The construction company performance after the sale was 50% off of projections, and the seller sued. The case was settled for $350,000.
Pro Bono Work
An attorney for a non-profit defended an indigent client in a felony assault matter under the state bar association’s mandatory pro bono requirement. After the client was convicted, he sued the attorney for malpractice, alleging ineffective assistance of counsel. Defense cost was $55,000.
Conflict of Interest
An attorney represented a buyer in a large commercial real estate deal. The attorney failed to disclose that he owned a small percent of the commercial property. When the property value turned out to be overvalued the new owner sued and won a settlement of $1,350,000.
What is Errors & Omissions Insurance?
Errors and Omissions (E&O) is the insurance that covers Law Firms, partners and employees, in the event that a client holds them responsible for errors in performing services. This might even include services or cases that did not have the expected or promised results. For doctors, dentists, chiropractors, etc., it is often called malpractice insurance. For lawyers, it can be called Lawyers Malpractice or Professional Liability Insurance.
The IRIS Lawyers Malpractice Programs are among the fastest growing, most competitive Errors and Omissions Programs in the country. We design, underwrite and administer Insurance Programs; enjoying robust relationships among carriers with an in-depth understanding of Alternative Risk Placements. Our relationships are not limited to Domestic markets, but encompass Lloyd’s of London, the European market as well as off shore points in Bermuda and the Cayman Islands