Founders Specialty believes that claim free law firms should be rewarded for running their business well!
Founders Specialty believes that claim free law firms should be rewarded for running their business well! Here's how: For each year that your firm remains claim free, your retention is reduced by 10%, up to a maximum 50% reduction over five years. This could result in significant savings in the event your firm has a claim. For each year that your firm remains claim free, $50,000 of an additional claims expense limit is added, up to a maximum of $250,000 over five years. This helps preserve your primary limits to satisfy any payments for damages. So will a minor incident wipe all these benefits? No! A firm will still be considered "claim free" in determining eligibility for these benefits if any matter reported to the carrier has total incurred for damages and claims expenses of less than $5,000. Better yet, the amount of total incurred increases by $5,000 each year the firm renews with the carrier, up to a maximum of $25,000 over five years. SO EACH YEAR YOU REMAIN CLAIM FREE, THE BETTER THESE REWARDS GET! ISN'T IT NICE THAT YOU CAN BE REWARDED FOR DOING WHAT YOU ALREADY DO SO WELL?
November 20, 2019
GenStar Launches Admitted Lawyers Program with Founders Specialty
Stamford, CT, November 20, 2019. GenStar announced today that it is the new insurer for the Founders Specialty Lawyers Professional Liability Program. GenStar President and CEO Marty Hacala commented, “GenStar is excited to associate with Founders Specialty. They are an experienced Program Manager with a proven history of providing professional liability insurance services. We are pleased to expand our program offerings to include a valuable product for lawyers through the services of Founders Specialty.”
The Lawyers Program will be offered on a primary basis and target small to mid-size firms with 1-20 attorneys. Liability limits up to $2,000,000 will be available on a claims-made basis. Stephen van Wert, President of Founders said, “We are happy to be partnering with GenStar. They will be honoring the benefits that our claims-free insureds have accrued under our innovative Rewards Program and the years that have accrued in qualifying for our free retirement tail. In addition, with GenStar, we will now provide data breach coverage.”
The Lawyers Program will be written on an admitted basis by GenStar’s General Star National Insurance Company, which is rated A++ (Superior) by A.M. Best Rating Services, Inc. and carries an AA+ Insurance Financial Strength Rating from S&P’s Global Ratings. GenStar is a wholly-owned subsidiary of General Reinsurance Corporation, a member of the Berkshire Hathaway family of companies. General Star National is licensed in the District of Columbia, Puerto Rico, and all states. Insurance is placed with General Star National by licensed producers.
Contact: GenStar Regina M. Kirwan, Senior VP, Chief Marketing Officer +1.203.328.6908, [email protected]
Contractual Defense Protection Now Being Asked For By Name
We recently heard from one of our agents that her A&E client received a proposed contract with language specifically requesting the A&E to add a “Contractual Defense Protection endorsement” to their professional liability policy. While we find it interesting that law firms are now requesting our product by name, the request indicates a lack of understanding about how our product works.
The CDP product is a stand-alone policy that is designed to run in tandem with the A&E’s professional liability policy.
It is not an endorsement to the PL policy. CDP coverage cannot be provided as part of the PL policy, as that can easily result in conflicts between the A&E as the insured and the Owner as the client of the insured.
#architects #engineers #contract #insurance
Founders Specialty $1,500 Tail!
Stephen van Wert, President of Founders Specialty, was invited to present at the USLAW Fall Conference on September 27th as an industry expert on Proposal Settlements and Cost of Litigation. Many lawyers in attendance commented that these new litigation insurance products were extremely innovative and will have a radical effect on how settlement negotiations are handled.
PT PRO BLOG: Managing Client Expectations through an Engagement Letter
Check out our PT Pro Blog, and feel free to share with your network of insureds!
#insurance #parttime #solopreneur
ptprocover.com Congratulations! You landed that new client that you have been working so hard to get. Before you dive into all those new assignments for your client, you need to take some time and put to paper everything you discussed with your client in writing. Regardless of profession, it is wise to set forth t...
A&E brokers are taking a closer look at CDP coverage for their clients.
Click below to see a leading A&E broker's thorough examination of the CDP product along with a list of FAQ's from industry claims professionals and attorneys.
(Please note: This article has been approved for redistribution by Founders Specialty by Cavignac & Associates on the condition that its content is not to be republished. All rights reserved.)
#architects #engineers #insurance
Welcome Kevin Merchant into his new role as Production Manager at Founders Specialty!
Connect with Kevin on linkedIn (https://www.linkedin.com/in/kevin-merchant-mba-6a5647127/), or shoot him an email at [email protected].
We had a blast at the #fantasyfootball draft!
Check out our blog post below and feel free to share this content with your network of insureds!
ptprocover.com Situation sound familiar? A friend recently shared an issue with one of his clients. The project had concluded, the client was invoiced, and the client refused to pay. The matter was taken to the small claims court with a verdict in favor of my friend. However, a counterclaim by the disgruntled clie...
Founders Specialty has a new addition to the team! Jennie Mora is taking the place of Tim Barden as Underwriting Assistant! :)
We are excited about our continued growth with our agency partners on our admitted Lawyers Professional Liability insurance program!
For every viable business, including freelancers, part-time professionals and independent contractors, finding new customers is the top priority. We provide you with a few tips how to increase the effectiveness of methods your probably already use.
ptprocover.com For every viable business, including freelancers, part-time professionals and independent contractors, finding new customers is the top priority. We provide you with a few tips how to increase the effectiveness of networking, referrals and job boards.
Learn (for free) the Basics of Professional Liability Insurance and why Freelancers need it. http://sched.com/fj8m
A #FREECON chat from our President, Stephen Van Wert
Thursday September 13th
3:00 pm - 4:00 pm CDT
• How PL insurance is different from other insurance you might need as a freelancer
• General liability, property, health insurance etc; what to look for in PL insurance policy
• How much does it cost; how PL policies are like "legal defense" insurance, i.e. a policy will pay the cost of attorneys to defend you even if there is a baseless claim against you; whether to buy from an insurance broker or direct or online?
• "Insider's guide" to how brokers are compensated and how that might affect their recommendations to you; how much coverage to buy
• Limits and deductible options
• Why being an LLC or corporation is not enough to limit your liability
• What happens when you get a claim
• Importance of reporting "incidents" versus claims
#insurance #freelancers #professionalliability
Florida Bar report aims at eliminating gender bias in legal profession
tbo.com The Florida Bar will release a report today that outlines widespread recommendations on how to eliminate gender bias throughout law firms in the state.The report is in response to a survey by the You
Thank you to The Chicago Bar Association for letting Founders Specialty put on our seminar today about 'Applying for Professional Liability Insurance: An Underwriter's Perspective'.
XL Catlin has extended its global property insurance capacity by 25 percent to $500 million.
xlcatlin.com XL Catlin extends global property insurance capacity to USD 500 million
Insurance Liability Project Exemplifies American Law Institute's Mission Drift
forbes.com Contrary to its self-described mission of creating clarity in the law, the American Law Institute has increasingly produced "Restatements"...
[05/24/17] Program Overview
Justice never sleeps... except at this firm. Napping encouraged!
abovethelaw.com Justice never sleeps... except at this firm.
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