VSB Malpractice Insurance

Posted by VSB Malpractice Insurance on 5/02/06

More | Report Post

Mission Statement of Special Committee on Lawyer
Malpractice Insurance

The Special Committee on Lawyer Malpractice Insurance was
created to monitor and evaluate the market for lawyer
malpractice insurance in Virginia and make recommendations
from time to time to the executive committee and the
council as to whether the Virginia State Bar should
endorse a particular underwriter of such insurance, and,
if so, on what terms and conditions. The goal of the bar
through the work of the committee is to insure
availability of a high quality lawyer malpractice
insurance product at a fair price underwritten by a sound
company which delivers excellent service in all areas of
its work to Virginia lawyers. The availability of such
coverage to VSB members will, in turn, encourage the
purchase of mal-practice insurance and provide greater
protection to the public when an act of malpractice
occurs.

When the bar chooses to endorse a particular malpractice
insurance carrier, it is the responsibility of the
committee to monitor the performance of the company under
the terms and conditions of the endorsement agreement,
paying particular attention to, among other appropriate
matters: the management and financial performance of the
company in Virginia and overall; Virginia rates; claims
handling; risk management services; marketing; the policy
form in use, including proposed changes therein; and
underwriting standards and procedures. The committee shall
advise the company from time to time about any matters of
concern and seek resolution of those concerns; and it
shall report periodically to the executive committee and
the council about its work and the state of the endorsed
relationship.

At the appropriate point in time under the terms of any
endorsement agreement, the committee shall recommend to
the executive committee and the council whether it
believes the existing agreement should be renewed, either
with or without changes; the bar should seek an endorsed
relationship with a different carrier; the bar should not
endorse any malpractice insurance carrier; or the bar
should take some other course of action in this area.

In performing its responsibilities, the committee may
request the services of an independent consultant from
time to time for information, advice and recommendations.

The committee's work may include other specific
assignments or requests in its general area of
responsibility from the bar's officers, the executive
committee or the council.

At the end of each bar year on June 30, the chair of the
committee shall submit a written report outlining the work
and accomplishments of the committee during the preceding
bar year for inclusion in the VSB Annual Report. In
addition, the chair shall prepare and submit to the bar by
February 1 each year an interim written report on the
activities of the committee during the first half of the
bar year; these interim reports from all of the bar's
committees will be reviewed by the executive committee and
the council at their February meetings.

VSB Malpractice Insurance