As part of the process of renewing or replacing legal
malpractice insurance, law firms are typically required to complete
an application. Law firms that treat the application as a formality
and fail to give the application the proper amount of
consideration, do so at their own risk. Indeed, an inaccurate
response on the application can lead to severe consequences for the
firm.
The types of questions on an insurance application vary based on
a variety of factors. Typically, the first application for
insurance from an insurer is likely to be much more extensive than
an application for the renewal of a policy. In an initial
application, the insurer often seeks background information
regarding the firm's practice that the insurer will use in
deciding whether to issue a policy and in setting an appropriate
premium for the coverage.
