Malpractice insurers' bad patch
Article Abstract:
The major causes in the rise in the price of malpractice liability coverage for attorneys are mistakes by insurance underwriters, bankruptcies of insurance companies and unrelated catastrophes. Bankruptcies of financial institutions and insurance companies coupled with natural disasters such as Hurricane Andrew has put a squeeze on insurance reserves. This coupled with the trend to sue lawyers even when only peripherally involved in bankruptcies trickles down in the form of increased premiums. Exacerbating the situation is the quick resolution of malpractice claims, leaving less earning time for the assets.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1992
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Jones Day pact sets conditions; in representing thrifts
Article Abstract:
Jones, Day, Reavis and Pogue reached a settlement with the Resolution Trust Corp on Apr 19, 1993, agreeing to pay $51 million to the government and to advise a financial institution's counsel, its chief executive and if all else fails its board of directors when the institution is unresponsive to advice that it is engaged in wrongdoing. Jones, Day represented Charles Keating of Lincoln Savings and Loan fame and was charged by the government with knowing Lincoln was being mismanaged. Informing a bank board of directors of suspected wrongdoing is likely to become standard law firm practice.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1993
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Malpractice rates rise again; for third straight year
Article Abstract:
Attorneys Liability Assurance Society (ALAS), a major malpractice insurer, has announced a 20% increase in premiums. This is the third time in as many years that the company has increased rates. A company official stated that the increase was due to inflation, claims expenses, and higher defense costs. Large settlements relating to the savings and loan crisis have also influenced malpractice insurance rate rises, but the number of these settlements seems to be decreasing.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1993
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