Core Specialty Insurance Holdings Inc. said on Friday that it is joining Risk Placement Services Inc. to provide lawyers with professional liability insurance for small and medium-sized businesses, with up to $ 5 million available.
Cincinnati-based Core said its program with RPS, a unit of Arthur J. Gallagher & Co., is currently available on a non-accepted basis, but the company plans to offer accepted coverage upon completion of the application. It will be available nationwide, except in Arkansas.
The program is offered to law firms with up to 50 attorneys, Core said. Coverage features include claims costs in excess of the liability limit, insurance deductions in the first dollar and assistance before claims.
It also offers a broad definition of professional services, a 50% reduction of up to $ 25,000 for a mediation use agreement. and if the claim is decided upon mediation, per claim and total deductible alternatives, and a relaxed consent to the settlement clause.