Tuesday, June 19, 2012

Law Firm Insurance News: Survey Shows Rise in Large Malpractice Claims

[via Insurance Journal] Law Firms Facing Rise in Large Malpractice Claims --
  • "A new study by insurance broker Ames & Gough finds a growing number of leading malpractice insurers have paid claims in excess of $50 million."
  • "Four of the six insurers reported their company had paid or had participated in paying a claim of $100 million or greater and another had made a payment of $50 million to $100 million. The insurers participating in the survey were: AXIS, Beazley, CNA, Fireman’s Fund, Hartford and Ironshore."
  • "In claims involving multi-million dollar payouts, multiple insurers are likely involved with the same claim given quota share coverage arrangements and excess limits,' said Eileen Garczynski, a vice president of Ames & Gough. 'Still, there’s no question the proportion of claims resulting in multi-million dollar payouts has expanded.'"
  • "Meanwhile, 'conflict of interest' continues to be the most frequent alleged malpractice error, ranked first or second by four of the six insurers. Two insurers listed 'failure to calendar or follow-up' as first or second."

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