Exclusively Serving Association Members
In 2002, the NH Bar Association established NHBA Insurance Agency, Inc., a subsidiary corporation, to act as an insurance resource and to assist members in obtaining professional liability insurance.
Since that time, the agency has grown and now provides coverage to hundreds of members. The initial focus on professional liability insurance has broadened to include discounted long-term care insurance for members, their employees and families. We’re also offering annuities, auto, home, disability and life insurance, and a Law Office package policy.
NHBA Insurance Agency benefits Bar members in several ways. Among the advantages are:
- More responsive and effective service by focusing exclusively on the insurance needs of NH Bar members;
- Commissions earned by the Bar’s insurance subsidiary will benefit Bar members by generating revenue that will be used for risk management services and programs;
- Risk-management services and programs that are locally based and New Hampshire-specific.
Please contact Sue Morand, 866-642-2292.
Insurance Products & Resources
Affordable Care Act (PPACA) & Patient Protection
Lawyers' Professional (Malpractice) Liability
NHBA Insurance Agency, Inc. is the provider of the majority of Lawyers’ Professional Liability policies in the State of New Hampshire. Acting as a broker on behalf of NH Bar members, NHBA Insurance Agency has relationships with multiple insurance companies and can match members with the insurance program that will provide the best price and coverage on a firm-by-firm basis. Learn more.
Long-Term Care Insurance
Long-term care planning is important because as the country’s population continues to grow older, the cost of care is escalating and health insurance and Medicare cover few long-term care costs. Some predict that long-term care issues will eventually affect 80 percent of all families, but only 15 percent of those families will be able to pay for such services.
The NHBA Insurance Agency, Inc., is pleased to announce that an arrangement has been made with Advanced Resources Marketing to offer a long-term care insurance program exclusively to members of the New Hampshire Bar Association, their family members and employees of their law firms. Learn about Long-Term Care Insurance offered through the NH Bar Association.
Online Court Bonds
Lawyers’ Professional Liability Insurance (LPL) – A Primer
Unlike most types of liability insurance, an LPL policy is written on a “claims-made” basis. This means that the policy in force the day the claim is made, not the date when the error/omission that led to the claim occurred, is the policy that will respond to the claim. Further, the date the error/omission occurred must be after the “prior acts date” which is the date continuous LPL coverage began.
This structure can expose an attorney to more than a few pitfalls:
- Allowing coverage to lapse will mean that you will never be able to purchase coverage for your prior acts
- If you move from firm to firm during your career, coverage for prior acts will be in the control of the firms you’ve left. If they no longer purchase coverage, you won’t have coverage for any claims that arise from errors/omission made while you were a member of that firm
- At retirement, you’ll need to secure “tail” coverage, more properly titled as an Extended Reporting Period Endorsement
How much does coverage cost?
Premiums are based on the limits of liability you choose, the deductible you choose, your prior acts date, and your areas of practice:
- The minimum limits offered are $100,000 per claim/$300,000 annual aggregate. The maximum available to a solo are $1,000,000 per claim/$1,000,000 annual aggregate. Larger firms my obtain limits up to $10,000,000 per claim/$10,000,000 annual aggregate. Please note that unless otherwise endorsed, the limits of liability include defense costs, meaning if you have a $100,000 limit, the maximum the insurance company will pay for awards/judgments and the cost to defend you will be $100,000
- Deductibles range from $1,000 to $10,000 and can be purchased on a per claim or annual aggregate basis
- In your first year of coverage, your prior acts date is the same as the effective date of your policy. The promise made by the insurance company is to pay for claims made that year arising from an error/omission during that year. This small window means your premium will be at the lowest level. In year two, the promise is to cover claims made arising from an error/omission from that year and the prior year, and so on. As the window widens, the premium will increase each year, stabilizing at year 7.
- In completing an application for coverage, you will be asked to break down your areas of practice by percentages. Insurance company statistics show that some areas of practice are more hazardous that others, so complete the information carefully, remembering that this is what your premium will be primarily based upon.
Are all insurance policies the same?
No, important differences may include the following:
- Deductibles may be either per claim or aggregate
- Defense costs may be included in the limit of liability
- Some policies may not provide coverage for grievance expenses
- Exclusions or a lower limit of liability for a particular type of practice, such as securities practice, are possible
- Some policies exclude counterclaims in suits initiated by a firm for unpaid fees
If you have any questions regarding this important and complex coverage, please contact Sue Morand at 715-3204 or via e-mail at email@example.com.