Managing Partner Randall Miller was interviewed by Forbes.com for the article, “Will Your Malpractice Insurance Burn Up When You Need It?” discussing how “burning policies” can diminish lawyers’ fees and costs, leaving little or no insurance to settle or pay claims.
The article states that per occurrence limits are usually $1 million. “A typical cost of defense through appeals for a colorable malpractice claim can easily range between $500,000 to $700,000,” says Mr. Miller. “In some cases, that number can exceed $1 million and thus leave the professional with over-limits exposure.”
If you find that you have a burning policy, the article advises talking with your insurance broker to see whether non-burning policies (“defense outside limits”) are available, or whether higher policy limits are available.