Ask the Underwriter
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Q. |
Before I insured with AIM, I noticed
that the cost of my policy with a commercial insurance company
changed from year-to-year, higher in some years and lower in others.
Why does the cost of my AIM policy not decrease in some years? |
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A. |
AIM maintains competitive and stable
premium rates. Absent a change in the nature of your practice, size
of your firm, or your being an attorney in practice less than five
years, most AIM insureds' premium rates remain stable. Your AIM
Board of Directors consider it important for you to have stable
premium rates so that you can know from year-to-year what your
insurance will cost. Commercial insurers who slash premium rates one
year, inevitably will surprise their insureds with correspondingly
large premium rate increases in future years. AIM does not consider
that to be a good business practice. |
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Q. |
I sued my client for my unpaid fee. He counterclaimed against me alleging that he does not owe it and
demands return of the fees he paid me. Does AIM's policy cover fee disputes? |
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A. |
No, AIM's policy excludes any claim
arising out of “The loss of, or seeking the payment, return or
restitution of, fees, costs or expenses paid to, incurred, charged,
contracted for, or apportioned among the Insured or any other person
or entity.” See the AIM policy, III. Exclusions (6). However, many
legal malpractice suits arise from allegations of malpractice in
counterclaims filed in response to suits to recover fees. Such
counterclaims alleging malpractice must be reported to AIM. If they
are not just fee disputes and are otherwise within coverage, your
AIM policy will respond on your behalf. |
