This is part one of a monthly series in which we address policy coverage questions that we routinely discuss with you and your colleagues. The answers provided are based on the basic policy form, currently LPLP-1t; refer to your specific policy and any endorsements attached thereto that may change coverage or the answers provided. We are always available [during banking hours, not weekends and definitely not holidays] to answer your questions!
Let’s re-start the series with a softball question:
- There is no way this claim is covered, but am I covered?
- Probably not but maybe! If you receive a demand for money damages arising out of your legal services, report it to us and we will take a look at the details of the allegations against you and evaluate coverage. We live and breathe the OBLIC policy. There may be more coverage in our policy than you would have expected. Hopefully, by the end of this series you will have a better understanding of which situations may have coverage and which are risks you are still carrying alone (but which could be protected against in another manner).
As you should expect, these Q&A scenarios are based on simple hypotheticals. Coverage determinations for an actual claim are ultimately based on the unique facts, applicable law, and the Terms, Conditions, Limitations, Exclusions, and Endorsements of your policy.