Impact of Malpractice Insurance
http://www.legalmalpracticecourt.com/news/?p=106
Of the thousands of lawyers who practice across the United States, it is estimated that only 60 percent have malpractice insurance. Unlike physicians who are required to be financially responsible for their mistakes, lawyers are not. And, lawyers are under no obligation to have malpractice insurance or to discuss the lack of it with clients. Further, even if a lawyer does have insurance, his/her policy likely will not cover fraud, theft, or any other intentional act.
Clients who have suffered damages at the hands of their lawyers have no practical recourse when the lawyer has no malpractice insurance. Even though it may be uncomfortable, the client should ask his/her lawyer at the beginning of the relationship if he has malpractice insurance and the amount of the coverage.
If there is insurance coverage when the client files suit, typically two things will happen. 1) The insurance company will assign a law firm to defend the client’s former lawyer against the claims; and, 2) the insurance company will allocate money to pay the client if the accused lawyer and insurer aren’t successful. The amount of money set aside is typically the “value” of the client’s case as assessed by the insurer.
Impact of Malpractice Insurance
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