The ALPS Report

Professional liability insurance policy is provided on a claims-made basis, and not the more common occurrence basis. One significant difference between claims-made and occurrence policies is the timing required when making the claim. Claims-made insurance requires that a policy be in effect at the time the claim is made regardless of when the act, error or omission occurred. (Of course, this assumes the error in question occurred after your loss inclusion date or retroactive date for your current claims-made policy.) For occurrence based insurance to cover a loss, the act causing the harm had to occur during the policy period. In claims-made insurance, it is the report to the carrier that triggers the carrier’s duty to indemnify―not the...

• Have the firm’s individual attorneys complete three hours of continuing legal education in the areas of ethics, risk management, loss prevention and/or office management. This will automatically qualify for a 10% credit applied to...

ALPS understands that managing your career is about more than simply keeping up with the day-to-day duties of your practice. Yet often, it’s difficult to stop what you’re doing and really look any further into the future than next week. However, you may realize the distant future is not as far away as it seems, especially when it comes to financial planning and developing a retirement strategy. That is one of the reasons ALPS Financial Services was created - to provide attorneys with a resource for financial advisement from a company that understands the practice of law. We specialize in helping small businesses plan for the future by providing:

·   One-on-one relationship based service

·   Customized planning for your specific needs and...

Many times policyholders, defense counsel or lawyers we meet tell us, “You should insure (fill in the name of a colleague). They are a great lawyer and would be a great risk.” That kind of endorsement is meaningful and the reputation is often well deserved. In fact we usually try to proceed with the referral whenever we can. When we receive the applications and have some insurance experience we learn it does not always follow that good lawyers do not have claims.

Let’s start with what we hear when someone says that a colleague or adversary is a “good lawyer.” First, they are sharp. They understand the issues and can articulate them on behalf of the client. They do their homework, be it fact-finding or legal research and are prepared to argue...

The insurance market, like any other market, has a cycle. The terms “soft” or “hard” are two standard terms used to describe where the insurance industry is in its cycle. In general, a soft market is a time of high competition, abundant coverage availability, and lower premiums. The hard market in general is a time of higher premiums, stringent underwriting standards, and limited availability. It is important for law firms to understand the insurance cycle and what it could mean in terms of their professional liability insurance options. 

Currently the insurance industry is in a soft market that has lingered for many years. It has shown signs of potential hardening over the last few years, but an actual hard market has not yet materialized....

On March 9, 2012 a diverse group of experts in the legal profession will gather at the DoubleTree in Missoula for a full-day Continuing Legal Education seminar entitled “From the Courtroom to the Classroom: A Multi-Dimensional Look at the Legal Profession in the 21^st Century.” Headlining the event is world-renowned trial lawyer and educator, Ed Moriarity. Born in Butte, Montana, Mr. Moriarity has practiced law for nearly four decades in the American West. He started his practice in Cheyenne, Wyoming and went on to work with famed trial lawyer, Gerry Spence, as a partner in his Jackson Hole firm, Spence, Moriarity & Shockey. Mr. Moriarity worked with Mr. Spence when he defended former Filipina politician Imelda Marcos.

Enthusiastically...