Core Specialty, RPS partner on lawyers professional liability insurance
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Core Specialty Insurance Holdings Inc. said Friday it is joining with Risk Placement Services Inc. to provide lawyers professional liability insurance for small and midsize firms, with up to $5 million in limits available.
Cincinnati-based Core said its program with RPS, a unit of Arthur J. Gallagher & Co., is currently available on a nonadmitted basis, but the company plans to offer admitted coverage upon completion of its filings. It will available nationwide, except in Arkansas.
The program is being offered for law firms with up to 50 attorneys, Core said. Coverage features include claims expenses in addition to the limit of liability, first dollar defense deductibles and pre-claims assistance.
It also offers a broad definition of professional services, a 50% reduction of up to $25,000 for an agreement to use mediation and if the claim is settled at mediation, per claim and aggregate deductible options, and a relaxed consent to settle clause.
