Q. Why did the Bar decide to change vendors?
A. The price and coverage offered by the new carrier are superior to the existing program. In addition, the new endorsed carrier offers some interesting risk management tools, which should be of benefit to many members. Examples of these include on-line articles, office practice checklists, sample documents, and summaries of recent case law relevant to malpractice. More details on these benefits will be communicated to you shortly.
Q. Who is Lockton Risk Services and Westport?
A. Lockton Risk Services is headquartered in Overland Park, Kansas, but has a branch office in West Des Moines that specializes in Professional Liability insurance. We are an affiliate of Lockton Companies, the largest privately held commercial insurance broker in the United States. Lockton was formed in the late 1960’s and employs approximately 2,000 people in 19 offices located throughout the US.
Westport Insurance Corporation is a specialty insurer based in Kansas City and is part of GE Insurance Solutions Group which was formerly known as Employers Reinsurance Corporation. They are currently in the final stages of being purchased by Swiss Re, the world’s largest reinsurance company and the single largest writer of Lawyers Professional Liability. It is anticipated that their Best Rating will improve to A++ (the highest level) at the conclusion of the acquisition process.
Both firms are highly regarded and are committed to the program.
Q. Are the people employed by Lockton knowledgeable about Lawyers’ malpractice insurance?
A. Yes, the individuals representing Lockton have considerable experience with this specialized coverage. Kirke Dorweiler, Lockton’s Executive Vice President, and Cindy Wiedman, Senior Vice President, were both formerly with KVI and Marsh and have worked with ISBA and our members in the past. They were responsible for negotiating our new program with Westport and the Bar believes they have brought the best combination of price, insurance company financial security and coverage available in the market.
Q. Why does the Bar only endorse one carrier?
A. The Bar endorses only one carrier in order to attract the interest of a competitive carrier and motivate them to incur the expense of filing the forms and rates with the Insurance Department necessary to pool and concentrate purchasing power. Endorsing multiple carriers would defeat this purpose.
Q. What do we need to do to get a quote?
A. To get a quote, simply contact the ISBA Insurance Program at (800) 679-7154 ninety (90) days prior to the expiration of your current policy. We are trying to obtain a list of current insured expiration dates from the prior broker, and if successful, will contact you. But to be certain, we recommend letting us know when your policy expires. Due to the cancellation penalties contained in your policy, we do not recommend mid-term cancellations.
Q. Will the old carrier still handle past claims?
A. Yes, Interstate (the old carrier) is still contractually bound to adjudicate prior year claims. Although we will be reminding you at your renewal, all known claims and/or circumstances which could lead to a claim should be reported to your old carrier prior to the expiration of your policy in order to avoid potential claim issues.
Q. Does the Westport policy provide prior acts coverage?
A. The Westport policy will provide prior acts coverage for the Named Insured and Predecessor firm subject to your prior acts retroactive date (if any).
The policy also offers prior acts protection to past and present individual lawyers as defined in the policy.
This description is provided for illustrative purposes only. Refer to the actual policy wording for a complete description of all policy terms and conditions. The determination of coverage at the time a claim is made is dependant upon the actual policy wording and the nature of the claim presented.If you have any additional questions, please feel free to
contact us at (800) 679-7154.