Episode 6. Interview with Danny Hughes, Partner, Thompson Flanagan, Professional Liability Insurance for Lawyers – Trial Attorneys, Tail Policies&More - a podcast by Jeremy E. Poock, Esq.

Danny Hughes, a partner with Thompson Flanagan, a Chicago based E&O insurance brokerage firm discusses professional liability insurance (malpractice insurance) for lawyers with a focus on Trial Attorneys (http://thompsonflanagan.com/lawyers-liability). As “Specialists for Specialists,” Thompson Flanagan brokers E&O insurance for law firms, private equity firms, venture capitalists, and financial institutions. Together with a team of 20 brokers, Thompson Flanagan brokers professional liability, cyber liability, employment practices, and additional commercial insurance to over 600 law firms nationwide. Since 2008, Hughes has focused on Trial Lawyers, brokering malpractice insurance policies for approximately 260 Trial Attorney firms, including several of the largest Trial Attorney firms in the U.S. Hughes explains why Trial Attorney firms present good risk to underwriters, which permits Thompson Flanagan to seek competitive coverage for their Trial Attorney clients. Hughes and Poock discuss the cost calculations, logistics, and planning opportunities involved with obtaining an Extended Reporting Period (tail policy) when lawyers and law firms consider a merger, sale, or retirement. Hughes also explains the trending increases in annual policy premiums and even caps on coverage as a result of the emerging hardening market for malpractice insurance for lawyers. In a “hard market,” Hughes emphasizes the need for law firms to submit their malpractice insurance applications early to allow brokers to effectively obtain competitive coverage for their law firm clients.

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