Attorneys » AXIS

Axis Insurance Company, a member of AXIS Capital Holdings Limited, is rated A (Excellent) VX by AM Best. Please note that the "VX" financial strength designation is the highest AM Best offers. The AXIS lawyers professional liability policy form LM 0001 (Ed. 0805) has a number of unique features that make it an attractive option for lawyers and law firms nationwide. Consider the following:

1. Continuity of Coverage. Whenever a policy renews, the risk arises that an actual or potential claim will "fall through the cracks" becoming subject to declination for failure to timely report during the policy period in which the claim arose. This provision insures that coverage will not be forfeited by late reporting so long as the insured maintains continuous coverage with AXIS. (See I.3)
2. Consent to Settle. Under the express terms of the contract, no claim is to be settled without the insured's written consent. (See II.F)
3. Worldwide Territory. Coverage is afforded under the AXIS policy on a true worldwide basis, applying to claims and suits filed anywhere in the world. (See V.D)
4. Supplemental Disciplinary Matter Defense Coverage. The policy provides for up to $10,000 coverage for the defense of disciplinary proceedings. (See II.H)
5. Broad Definition of Covered Activities. In large measure, the scope of coverage is set by how broadly covered "Legal Services" are defined. The AXIS policy language casts a wide net, including in addition to services rendered as an attorney those performed in the following capacities:
   • Member, officer or director of any professional legal association, its governing board, or any of its committees;
   • Fiduciary, i.e., administrator, conservator, receiver, executor, guardian, trustee or similar fiduciary capacity;
   • Government affairs advisor or lobbyist;
   • Arbitrator or mediator;
   • Title Agent; and
   • Notary Public.
   (See III.G)
6. Predecessor Firm Coverage. The policy includes a broad definition of covered "Predecessor Firms." (See III.N)
7. Personal Injury Coverage. The policy provides personal injury coverage which is broadly defined to include not only invasion of privacy and defamation, but abuse of process and malicious prosecution as well. (See III.J)
8. Innocent Insured Coverage. The policy provides an important exception to the intentional acts exclusion for "Innocent Insureds" who did not personally participate or acquiesce to such conduct. (See V.B)
9. Exception to Outside Interests Exclusion. The policy wording allows up to 5% ownership in a privately held company and 25% in a publicly traded entity as an exception to the standard outside interests exclusion. (See IV.H)
10. Automatic Extend Reporting Period ("ERP"). An automatic 60-day ERP ("tail coverage") is expressly provided for in the policy wording. (See VI.A)
11. Tail Coverage Options. ERP options for 1 or 3 years are calculated at 125% and 250% of expiring premium, respectively. (See VI.B)
12. Generous Definition of Material Change. Carriers invariably require reporting of material changes in the firm's practice while the policy is in force and reserve the right to charge an additional premium for any such changes. The AXIS policy defines "material change" quite broadly, thus significantly lowering the possibility of a mid-term material change which would require reporting and the possibility of an additional premium being assessed. (See III.H)