Professional Services Plans (PSP) Now Offers Florida Law Firms an Insurance Policy That Protects Their Clients Liability
PSP expands liability insurance options for attorneys with a product that extends unique risk mitigation protection to the attorney’s clients, providing insurance that covers liability for attorney’s fees and costs under Florida’s Proposal for Settlement statute.
Tampa, FL (PRWEB) May 13, 2015
This dynamic insurance product, termed LegalFeeGuard, affords Florida state court litigants indemnification for sanctions under the Proposal for Settlement Statute. Attorneys for either plainti¬ffs or defendants can purchase a LegalFeeGuard policy on behalf of their client to protect their client from liability under this statute.
“This insurance is designed to prevent the opposing party from using the Proposal for Settlement statute to intimidate a client into giving up their right to trial.” Mac A. Greco III, Tampa Personal Injury Attorney.
It is important to note that Florida Bar Staff opinion 78705 (revised) of the Professional Ethics Committee of the Florida Bar indicates that an attorney in Florida may advance the cost of the premium of the LegalFeeGuard policy and make the repayment of that premium contingent on the lawyer making a recovery on behalf of the client. This allows for easier access to LegalFeeGuard for plaintiffs, and we expect to begin to see plaintiffs’ attorneys shielding themselves and their clients from exposure to fees and costs from failing to accept a valid Proposal for Settlement by purchasing LegalFeeGuard. From a defense attorney and claims professional perspective, you should expect plaintiffs’ attorneys and their clients to be less affected by the threat of payment of the defense attorneys’ fees and costs during settlement discussions before trial due to the availability of this insurance.
“LegalFeeGuard helps me accomplish the two goals every plaintiff ’s lawyer has – to protect my client and, by adding another arrow to my quiver, strengthen the case; all at a reasonable price. Considering LegalFeeGuard is fast becoming the ‘standard of care’ in every personal injury case,” David L. Sweat, Board Certified Civil Trial Lawyer
To obtain a policy, an attorney simply answers a handful of questions on LegalFeeGuards website and then purchases the policy online with a credit card at a very reasonable premium. PSP Customers can apply online by using Broker Code #3.
The program is underwritten by an A.M. Best ‘A’ (Excellent) rated carrier on a surplus lines basis and is currently available for cases heard in Florida state courts. Policy limits range from $10,000 to $100,000, and premiums start at $500.
Professional Services Plans (PSP), a division of B&B Protector Plans, Inc., is a wholly owned subsidiary of Brown & Brown, Inc., headquartered in Tampa that specializes in Professional Liability Insurance. With access to multiple alternative markets- from Admitted to E&S (Excess & Surplus), PSP partners with insurance carriers that are financially strong and show long-term commitment to the industry. PSP strives to provide personalized and professional service to its clients and its representatives are specifically trained and licensed to sell insurance to professionals.
About Brown & Brown, Inc.
Brown & Brown, Inc. is one of the largest insurance intermediaries in the nation, with over 75 years of continuous service. The Company is ranked as the sixth largest such organization in the United States by Business Insurance magazine.