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Florida Lawyers Mutual Insurance Company

Florida Lawyers Mutual Insurance Company

Legal Malpractice Insurance, Born from the Bar

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Legal Malpractice Insurance Glossary

KNOW WHAT YOU’RE BUYING

Claim
A demand received by an Insured for money or services including the service of Suit.

Claims Made Policy
A policy providing liability coverage only if a written claim is made during the policy period. For example, a claim made in the current year could be charged against the current policy even if the loss occurred many years in the past.

Declarations Page
The Declarations Page identifies the named policyholders, the amount of coverage purchased by the Firm, the deductible, the policy term, and any special forms, such as endorsements.

Endorsement
A form attached to the policy, which alters provisions of the contract. Attachment or addendum to an insurance policy; an endorsement changes the contract’s original terms.

ERE
An endorsement that extends the period of time after policy expiration in which a claim can be made, or filed, and still be covered. This is also known as tail coverage.

Prior Acts Coverage
The prior acts is a date used to extend retroactive coverage for errors and omissions occurring prior to the effective date of the current policy. This date is set forth in your policy and may change if a gap in your coverage occurs.

Professional Services
Services performed by an Insured on behalf of the Named Insured: in a lawyer-client relationship; as a notary public; as a personal representative, conservator, receiver, guardian, or trustee; as an arbitrator, mediator, referee, special master or hearing officer; as a title agent.

Step Rates
Typically, professional liability claims are made a number of years after the act or omission that caused the claim. The amount of time between when services are rendered and when a claim arises varies, depending on the type of services provided. Consequently, with each successive year of claims-made coverage, the likelihood of experiencing a covered claim increases. To reflect this likelihood, insurance companies offer significantly lower policy premiums in the first year of coverage, and then gradually “step” the premium rate through yearly increases.

Tail Coverage
A term that is used to describe both the exposure that exists after the expiration of a policy and the coverage that may be purchased to cover that exposure. On a “claims-made” policy, tail coverage may be purchased to extend the period for reporting covered claims beyond the policy period.

A legal malpractice claim can stop your practice in its tracks.

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Company Profile

In the 1980s, lawyers in Florida faced a crisis: legal malpractice insurance carriers were fleeing the market, leaving lawyers and their clients exposed.

That's why The Florida Bar created FLMIC. Today, we exist as a mutual company owned exclusively by our insured lawyers — born from the Bar but an entity all our own, designed specifically for you.

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  • Home
  • About Us
    • How We’re Different
    • Our Story
    • Our Mission
    • Our Team
    • Our Board
    • Our Bar Partners
    • Annual Reports
    • COVID-19 Operations Update
    • Contact Us
  • Policies
    • What Is LPL Insurance?
    • FLMIC Policy Features
    • Cyber Liability Increased Limits Program
    • Legal Malpractice Insurance Glossary
    • Application & Forms
  • Risk Management
    • COVID-19 Resource Center for Florida Lawyers
    • Cyber Risk Management White Papers
    • Risk Management Hotline
    • FL Lawyer Risk Alerts
    • Extensive Risk Management Resource Library: FLMIC+
  • CLE
    • Free CLE for Florida Lawyers
    • Complete CLE Library for Insureds: FLMIC+
    • Need a Speaker?
  • Claims
    • Who to Call
    • Claims FAQs
    • Report an Incident or Claim
  • Blogs
    • Sunny Decisis™: The Lifestyle Blog for Florida Lawyers
    • Risk Management Blog
    • Risk Alerts
    • Cyber Liability Articles
    • FLMIC News
    • FLMIC Events
    • Videos
  • Make Payment
  • Apply

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Website Terms of Use.

Florida Lawyers Mutual Insurance Company

We've built our reputation on vigorously defending yours.®

P: 800-633-6458

F: 800-781-2010

mailbox@flmic.com

541 East Mitchell Hammock Road
Oviedo, FL 32765

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