EMPLOYED LAWYERS PROFESSIONAL LIABILITY INSURANCE

There is little doubt that with the passage of Sarbanes-Oxley (SOX) Act the responsibilities and potential liability of in-house corporate attorneys has increased significantly.  Corporate attorneys of public companies are required by statute to report material violations of state and federal securities laws, breach of fiduciary duties and similar violations by their companies and agents. This is notwithstanding the fact that companies will continue to have potential exposure raised by the interaction of in-house attorneys with third parties, customers, clients and potential takeover candidates.

General Liability policies specifically exclude coverage for all professional services.  Directors & Officers policies limit coverage to persons acting “solely” in their capacity an officer or director of the company.  The Employed Lawyer policy fills the gap in coverage created by these two policies.

Employed Lawyers Professional Liability Insurance provides protection to both the company and its lawyers.  Specific coverage features include:

• Coverage for claims by non-client third-parties
• Coverage for SEC and regulatory claims
• Coverage for Employment Practices Liability brought by co-workers for discrimination, wrongful termination, harassment or retaliation, which arise out of the attorneys legal work for the company
• Coverage for claims by individual employees that the in-house attorney is assigned to represent
• Coverage for claims brought by the employer, board of directors or officers
• Coverage for employers approved moonlighting professional services

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