World Insurance Report
North America
London market insurance group
Beazley is offering US law firms a risk management package which combines legal malpractice insurance cover as well as professional
reputation management advisory services. In order to provide the latter,
Beazley is partnering with a range of specialist advisors, including the high profile crisis management firm Kekst and Company. Lloyd
Fielder, head of
Beazley’s lawyers’ professional liability (LPL) team, explained that a major professional liability claim for a large law firm could
cost between $5.0mn and $50.0mn but that the total economic cost will invariably be higher, and can sometimes be a multiple
of the insured portion of the firm’s losses. We know that negative publicity can increase the cost of a claim. But it can
also transform a manageable problem into a crisis that profoundly affects the law firm’s current and future business, Mr Fielder
said.