For the second time in as many years, a lawyer asked for me for a Professional Liability Policy and everything went well... until it blew up. He and his partner were going to save a couple thousand dollars (that's right, thousands!!) and I was getting a new client... then it blew up over his website.
What happened?
He gave me a signed application... fully completed. All the "i"s were dotted and all the "t"s were crossed. I submitted the information to the insurance company, they reviewed the file, they liked what they saw and said they were willing to issue the policy at the price I quoted...
Like Martha Stewart says, "It's a good thing."
Then the lawyer got greedy... so did I. Let's be real... more coverage means more commission!
The price was so good, he thought, how much would more coverage cost?
More coverage means more scrutiny... how well are the "i"s dotted... how well are the "t"s crossed?
The file was sent "Upstairs" for more review before more coverage was offered. A more seasoned underwriter Googled the firm name, found their website and saw Areas of Practice on the web page, that WERE NOT on the application... Bad news... The original quote was revoked and the two lawyers had to renew what they had at a MUCH HIGHER price.
Moral of the story... Make sure your web site supports your application.
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