I am partially retiring from the practice, am I covered?
Yes, if you have an active, current policy! We previously reviewed coverage provided by an Extended Reporting Period Endorsement (“tail policy”). However, the “tail” does not provide any coverage for those sporadic legal services for that favorite client.
The best way to cover your practice as you wind it down or hand it off, and comply with Ohio Prof. R. 1.4(c), is to maintain an active LPL policy. OBLIC offers part-time policy endorsements for lawyers providing “Professional Services” to others on average of 25 hours per week, or less, for at least the next year. This option provides coverage for the attorney phasing out of the practice or for those lingering legal services that just cannot seem to close, for a reduced premium.
There are coverage considerations to weigh when switching to a part-time policy. I recommend contacting our underwriting team to discuss the options available for your policy.