Ironshore Inc. has announced the launch of a customized Lawyers Management Liability Program to be offered by its Lloyd’s Pembroke Syndicate 4000, based in London. Program products will offer individual firm attorneys coverage against certain personal financial loss risks arising from a firm’s insolvency.
Pembroke developed the Program in the wake of the high profile insolvency of Dewey & LeBoeuf, which highlighted potential individual partner financial loss risk exposure resulting from the disorderly dissolution of a law firm. This Program expands upon Pembroke’s diverse suite of professional liability programs designed specifically for lawyers that are not directly covered by traditional liability coverages.
“Lawyers liability programs comprise the largest business class underwritten in Pembroke’s Professional Lines division,” stated David White, Director of Professional Lines for the Syndicate. “The new management liability cover designed for lawyers offers a seamless solution for law firms seeking to protect their partners against an unusual and unexpected dissolution of the entity, when combined with our asset protection policy.”
Pembroke’s Program expands upon its existing professional liability offerings such as Outside Director Liability (ODL). ODL offers individual attorneys customized D&O coverage for the risks associated with their service on outside corporate boards.
Pembroke Professional Lines unit underwrites a comprehensive range of liability coverages, including Professional Indemnity, Directors & Officers Liability, Trustees Liability, Medical Malpractice, as well as Warranty & Indemnity. Pembroke’s coverage for lawyers encompasses primary and excess layers, asset protection policies, indemnification-based programs, and deductible in-fills in multiple jurisdictions.