Legal Malpractice Insurance Kentucky
Working with Cunningham Group gives you a comprehensive overview of the Kentucky market. Our experienced insurance agents have an average of 10+ years of experience in the industry. Let us help you get medical malpractice insurance quotes from all major Kentucky insurance companies. The company is a surplus (unauthorized) liner carrier, that is, a company that generally assumes risks or some of the risks for which insurance is not available through an authorized company. This business is therefore transferred to an unlicensed insurer (a company that is not licensed in the state) in accordance with the state`s excess insurance laws. To better understand the great diversity of the mandatory disclosure landscape, consider Michigan and South Dakota. These states are among those at both ends of the disclosure spectrum. In Michigan, a lawyer must confidentially report to the state bar association if they have liability insurance.  South Dakota is at the other end of the spectrum with „the strictest reporting requirement of any state.”  As in Michigan, South Dakota lawyers must disclose to the state bar association if they have professional liability insurance.  In addition, South Dakota requires lawyers with less than $100,000 in liability insurance to indicate both on their letterhead and in „any written communication with a client” that they are uninsured.
 It is no coincidence that 97% of South Dakota lawyers report having liability insurance with limits of at least $100,000.  The malpractice insurance landscape in Kentucky is good for physicians. Premiums are among the lowest in the country, but there`s money to be saved if you choose between different medical malpractice insurances. Typically, the process of purchasing malpractice insurance goes like this: No matter where you work as a lawyer in Kentucky, no lawyer is perfect. A simple mistake or omission can cause significant damage and pose a serious financial threat to your business. A missed delay or administrative error like printing a hearing date can easily cost a lawyer thousands of dollars. Policies that cover these types of claims are known by various names such as professional liability, errors and omissions, and insurance against legal errors. Legal practice is riddled with errors. Lawyers are the trustees of their clients in a landscape full of deadlines and tight phone calls where the rules are constantly changing. Lawyers` mistakes are inevitable and can sometimes have extraordinary consequences for clients. Despite this, Kentucky does not require all practicing lawyers to carry liability insurance. In 2000, the Kentucky Supreme Court issued a rule requiring lawyers in limited liability companies to maintain either „adequate professional liability insurance” or „adequate financial coverage.”  The amount insured required ranges from $250,000 per claim to $500,000 per year and $5,000,000 per claim and $10,000,000 per year, depending on the number of lawyers in the firm.
Lawyers at these companies can avoid the required liability insurance by having deposits, letter of credit or surety between $250,000 and $5,000,000, again depending on the number of lawyers in the entity. There are no rules requiring disclosure of a lawyer`s security status to clients or the public. For lawyers working outside a limited liability company, liability insurance is not required at all. The cost of your malpractice coverage can vary greatly depending on a number of factors, including your claim history, the type of patient interactions, the insurance company you`re staying with, and more. The Cunningham Group developed this premium estimation tool by drawing from its database of thousands of physician clients. Below are five premium categories for estimating misconduct to assess the cost of your coverage. The buckets are numbered from 1 to 5 – #1 being the cheapest and #5 the most expensive. The best way to purchase malpractice insurance is to work with a reputable malpractice insurance broker in Kentucky who can create multiple quotes.
Your broker will guide you through the lengthy insurance application and underwriting process. Click here for medical malpractice insurance quotes from any major medical malpractice insurance company in Kentucky. Of Kentucky`s seven bordering states, four have some sort of mandatory disclosure rule (Illinois, Ohio, Virginia, and West Virginia).  Ohio is one of the few states that requires direct disclosure to customers. There, any lawyer with professional liability insurance of less than $100,000.00 per event and a total of $300,000.00 must communicate this fact to the client in a letter signed by the lawyer and the client.  The Virginia rule is based on the ABA model rule discussed below. Attorneys in Virginia need only disclose if they purchase professional liability insurance in response to the annual contribution return.  The list of uninsured lawyers is publicly available on a searchable website.  Most hospitals require a physician to purchase malpractice insurance before granting admitting privileges. Some of the hospital systems that require it include, but are not limited to, Norton in Louisville, the Albert B. Chandler Hospital of the University of Kentucky in Lexington and St.
Elizabeth in Edgewood. The Working Group unanimously proposed the adoption of a new Supreme Court rule based on the ABA Model Rule. According to the task force`s proposal, any lawyer working in private practice (government and corporate lawyers would be exempt) would have to certify annually to the KBA whether they are covered by professional liability insurance with minimum limits of at least $100,000 per claim and $300,000 per total. Lawyers would be required to notify the KBA within thirty days of the end of coverage. The question of whether a lawyer has liability insurance would be publicly available information. Nothing in the rule proposed by the task force would require lawyers to purchase insurance. Instead, lawyers should simply indicate whether they have some minimum insurance. The Task Force was of the view that this approach could balance the interests of lawyers, who may or may not to purchase insurance, and those of the public in accessing lawyers` insurance status. The Task Force`s recommendation is just that – a recommendation. The KBA Board of Governors has a process for reviewing and approving proposed rules by the Supreme Court before proposals are submitted to the Kentucky Supreme Court for review. Whether a regulation on the disclosure of insurance policies should be published is ultimately a matter for the Supreme Court. Hopefully, the research compiled by the task force will be useful when KBA managers and the Court assess interests in this complex area.
Unfortunately, the bill violated the Kentucky Constitution, which includes an „open courts” provision. In addition, the establishment of a common insurance association and the requirement for physicians to purchase insurance were found to be unconstitutional because they constituted an unjustified exercise of the State`s police power to require medical malpractice insurance. Kentuckians are familiar with the concept of requiring individuals to purchase a certain minimum liability insurance policy before engaging in potentially risky behavior. Perhaps the most pervasive risky behavior – driving a car – has long required liability insurance.  Kentucky law also requires individuals in certain occupations, such as electricians and plumbers, to maintain a minimum level of liability insurance.  The reasons for compulsory liability insurance are clear; It protects the public from inevitable mistakes.