In a report released by the American Bar Association (ABA), real estate malpractice claims were listed as the most frequent type of claim brought against law firms. The report looked at 53,000 insurance claims from years 2008-2011. The activity most likely to generate a real estate claim were errors in the “preparation, filing, and transmittal of documents.” Personal injury-plaintiff and family law were the second and third most frequent types of claims against lawyers, according to the report.
Calculated Risk Advisors explains that insurance companies have already know these results and have been acting on them. Law firms with an exposure to real estate law have already felt pressure in their pricing and coverage. In these cases, it is important to stay ahead of the marketplace and be proactive when an insurance policy renews. Contact a broker today to discuss how to better position your firm during these times.