ALPS LAWYERS PROFESSIONAL LIABILITY INSURANCE GLOSSARY

Lawyers Professional Liability Insurance (LPLI) is a unique form of liability insurance designed to provide coverage to a lawyer for damages a client incurs arising from an attorney’s acts, errors, or omissions in rendering Professional Services to a client. ALPS provides this Glossary to help you better understand Lawyers Professional Liability Insurance and some of the unique features and benefits of this valuable insurance protection.

Disclaimer: While ALPS provides this Glossary to generally explain the LPLI product and help you understand its unique features and benefits, nothing contained in this Glossary should be interpreted, construed or applied to alter, modify, or amend any of the terms and conditions of any ALPS insurance policy. Each insurance policy ALPS issues has been filed and approved by your state insurance regulator. Therefore, ALPS does not alter, modify, or amend any insurance policy, except through an approved or authorized policy endorsement. You should refer to your LPLI policy for the terms and conditions of your LPLI coverage.

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Lawyers Professional Liability Insurance is Provided on a Claims Made and Reported Basis

Extended Reporting Period (ERP) Endorsement

First Dollar Defense (FDD)

Defense Within Limits (DWL) vs. Defense Outside Limits (DOL)

Insurance Contact

Limits of Liability (Per Claim vs. Aggregate)

Maturing (or Maturing Rating)

Named Insured

Prior Acts Coverage

Professional Services

Retroactive Coverage Date or Retroactive Date

Retro-Date Inception

Supplementary Payments or Sub-Limit Coverages