Lawyers' Professional Indemnity Insurance
Protect your law firm against liability claims
An Attorney’s Professional Liability Insurance protects your law firm in the event of errors, overlooked matters, or other negligent actions arising from your advisory work. Den sikrer både virksomheden og klienterne, mens den samtidig er en lovpligtig del af det at drive advokatvirksomhed i Danmark.
Legally Required Insurance for Lawyers
Law firms are subject to specific insurance requirements. As a result, all lawyers, whether self employed or employed by a law firm, must be covered by lawyers’ professional indemnity insurance. The purpose of the insurance is to protect the law firm, its clients, and other parties against financial losses arising from errors or omissions in the provision of legal services.
Includes the Statutory Lawyers’ Guarantee
In addition to lawyers’ professional indemnity insurance, the solution also includes the statutory lawyers’ guarantee. The guarantee protects clients and third parties against financial losses resulting from the wrongful use of entrusted funds and is a legal requirement for lawyers in Denmark.
The guarantee covers:
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losses caused by the lawyer or the lawyer’s employees through the wrongful use of entrusted funds.
- cover up to the guarantee amount stated in the policy.
- claims made and reported during the guarantee period.
What does the Attorney’s Professional Liability Insurance cover?
The insurance covers the professional liability that may arise in connection with the practice of legal services.
- Liability for financial losses arising from negligent actions or omissions in connection with legal advice.
- Reasonable costs for determining the extent of liability.
- Liability for the use of subcontractors, provided that the subcontractor’s services are equivalent to the firm’s own and a written agreement is in place.
- Automatic coverage for new subsidiaries, provided they meet the terms and conditions.
Typical Exclusions:
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Claims arising from personal injury or property damage are generally excluded.
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Intentional or criminal acts: Claims arising from intentional or criminal acts by the firm’s employees are typically excluded.
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Misuse of client funds: Claims arising from the unauthorized use of client account funds are typically excluded.
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Fines and penalties: Fines, punitive damages, taxes, and duties are generally not covered.
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Employment law and employer liability: Claims related to employment law, discrimination, or employer liability are typically excluded.
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Insurance and reporting deadlines: Claims falling outside the policy period or reporting deadlines are typically excluded.
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Force majeure and extraordinary events: Claims arising from force majeure, war, terrorism, or similar extraordinary events are generally not covered.
Optional coverages
- The insurance can be extended with various optional coverages, providing additional protection in specific situations.
- The optional covers are not included as standard and only apply if they are expressly stated in the policy.
Terms and facts
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