Ask how defense is treated, because on professional liability it is usual rather than unusual for defense costs to come out of your limit instead of sitting on top of it. A one million dollar limit with three hundred thousand dollars of defense spend leaves seven hundred thousand for a settlement. Ask whether your deductible applies to defense, so you know whether the first dollars are yours. Ask whether the policy needs your consent to settle and what happens if you refuse, because some policies cap the carrier’s obligation at the amount it could have settled for. Ask whether you choose your own lawyer or use the carrier’s panel.
Related FAQs
Yes, and the date is 1 January 2034. Corporations Code section 16956 is written to be repealed then and replaced by a version covering only accountancy and law. The ...
Yes. California publishes an export list of coverages the Insurance Commissioner has found are not reasonably available from admitted insurers, reviewed at an annual public hearing. For professional services ...
Professional liability has no standard industry form, and that is the main reason quotes differ. General liability policies commonly start from a shared industry template, so two quotes are ...
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