Why did your Lawyers Professional Liability premium increase even if you've had no claims? The step-rate factor could be one reason.

Claims-made and reported policies are tied to time: each year your firm maintains active, continuous coverage, the carrier is extending protection back to your prior acts date, taking on a longer history of legal work and potential claim exposure.

This info paper helps attorneys understand why premiums commonly “step up” during the early years of coverage, what it means to reach a mature rate, and why a lapse in coverage can put valuable prior acts protection at risk. Use it to better anticipate renewal changes, protect your retroactive date, and make more informed decisions about your firm’s professional liability coverage.

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