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Attorneys
Insurance Mutual
of Alabama, Inc.
200 Inverness Parkway
Birmingham, Alabama 35242
Telephone 205-980-0009
Toll Free 800-526-1246
Fax 205-980-9009
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Recent Newsletters
Ask the Underwriter
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Q.
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If I am a retiring sole practitioner, what are my extended reporting A
tail@ coverage
options?
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A.
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Once you cancel or terminate your policy, you are no longer covered for any
claims that were not reported even if the alleged claim occurred during the
policy period. An extended reporting endorsement (A
tail@ ) can be
purchased to add specific additional length of time in which
claims that occurred during the policy period will be covered
even if the policy is no longer in effect. The Extended
Reporting Endorsement (A
tail coverage@ ) must
be purchased no more than 30 days after your policy termination.
AIM will offer reporting periods of two, three and four years as
well as the unlimited A
perpetual@ period.
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Q.
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What is the meaning of
A consent to settle?
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A.
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When a claim is made against an attorney, there is more at stake
than just the cost of defending the claim and paying damages. An
attorney=
s reputation lies in the balance and therefore the attorney has
an interest in how the claim is settled. The
A consent to settle@
provision of the policy states that a claim cannot be settled
without the written consent of the insured. |
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Q.
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If an insured reports a claim, why is it necessary to exclude the claim on the
replacement policy?
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A.
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The reported claim is excluded from the prospective coverage because
the previous AIM policy under which it was reported will continue to provide
coverage. The reported claim is tied to the policy and its limits and deductible
that are in effect when the claim is reported.
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