Core Specialty, RPS companion for lawyer skilled indemnity insurance – business insurance
Core Specialty Insurance Holdings Inc. announced on Friday that it is teaming up with Risk Placement Services Inc. to offer lawyers professional indemnity insurance for small and medium-sized businesses with an available limit of up to $ 5 million.
Cincinnati-based Core said its program with RPS, a unit of Arthur J. Gallagher & Co., is currently available on an unapproved basis, but the company plans to offer approved coverage after its filings are complete. It will be available nationwide except in Arkansas.
The program will be offered to law firms with up to 50 attorneys, Core said. The coverage features include claims expenses in addition to the liability limit, deductible in the amount of the first dollar and support before claims.
It also offers a broad definition of professional services, a 50% discount of up to $ 25,000 on an agreement to access mediation and, if the claim is settled as part of mediation, per claim and aggregated deductible options, and a relaxed consent clause.