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    VSB Malpractice Insurance

    Posted by VSB Malpractice Insurance on 5/02/06

    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

    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

    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

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