OBLIC receives lots of questions about “tail” insurance. Retirement, practice transitions such as becoming a judge, or death of an attorney are some of the situations giving rise to those questions. Here are some quick “Tail” Tips:
- “Tail” is the popular name for an Extended Reporting Endorsement. It extends the time in which a claim can be reported to the insurer.
- “Tail” does NOT provide coverage for acts, errors or omissions occurring after the expiration of the policy or after the “tail” is issued.
- Once a policy or “tail” expires, there is NO CONTINUING COVERAGE!
- Remember – most professional liability insurance policies provide “claims made” or “claims made and reported” coverage, NOT “occurrence” coverage. This means there is coverage only for claims first made during the policy period and reported to the insurer during that same policy period.
- Ohio Revised Code 2305.11(A) provides the one-year statute of limitations for legal malpractice in Ohio.
- Zimmie v Calfee Halter & Griswold held the statute of limitations, “SOL,” begins to run upon the termination of the attorney-client relationship or “discovery” of the cognizable event, whichever is later. Thus, the “SOL” can begin to run many years after the termination of the attorney-client relationship.
If you are thinking about retiring, considering a practice transition, representing the estate of a deceased attorney, or have any questions, please contact us at OBLIC to discuss your “tail” options. Click here to read more about “Tail” Insurance.
Gretchen Koehler Mote, Esq.,
Director of Loss Prevention