Lawyer And Trustee? Your Professional Liability Insurance May Not Be Enough
Professional Liability Insurance for Lawyers and Trustees
As a lawyer, you wear many hats, one of which may be a trustee for clients. As a fiduciary, you’re charged with managing the trust property in a responsible and productive manner, with an obligation to act solely for the benefit of the beneficiaries. But while you’re looking after clients’ trusts, who is looking out for you?
What if you’re accused of mismanaging the trust? You have professional liability insurance (aka professional indemnity insurance) in place, so you assume you’re covered. Professional liability insurance was designed specifically for professionals who provide or advice to their clients — similar to Errors & Omissions (E&O), as it protects against claims for damages to third parties that come about as a result of an act, omission or breach of professional duty.
But consider this: chances are, your professional liability insurance doesn’t cover your personal liability as a trustee. How, then, do you protect yourself while you’re protecting your clients’ trusts? Professional liability insurance for lawyers and trustees from XINSURANCE.
About XINSURANCE
XINSURANCE is a DBA of Evolution Insurance Brokers, an excess and surplus lines insurance brokerage. XINSURANCE provides customized specialty insurance solutions for ever-changing risks and liability issues, including property and casualty insurance — and coverage for attorneys serving as trustees.
With over 40 years of underwriting experience, XINSURANCE understands the unique liability risks legal professionals face. Our experts can provide you with a wide range of solutions to manage and stay ahead of any risks that could affect your business. If you do need to make a claim, we’re your trusted partner, providing you with a legal defense and covering any damages awarded up to your policy limit.
Don’t delay, contact XINSURANCE today — because your professional liability insurance simply may not be enough. Contact us.
Authored by Rick J. Lindsey, President, Chairman, and CEO of XINSURANCE
Rick J. Lindsey hails from Salt Lake City, Utah. He began working in the mailroom of his father’s Salt Lake City insurance firm, getting his introduction to the business that became his lifelong career. Rick J. Lindsey quickly rose through the ranks while working in nearly every imaginable insurance industry job. As an entrepreneur, specialty lines underwriter, claims specialist, risk manager, and a licensed surplus lines broker, Rick J. Lindsey is highly skilled in all levels of leadership and execution. As he progressed on his career path, Rick J. Lindsey discovered an urgent need for insurers willing to write policies for high-risk individuals and businesses. He was frequently frustrated that he could not provide the liability protection these entities desperately needed to safeguard their assets. He also formed the belief that insurance companies acted too quickly to settle frivolous claims. Rick J. Lindsey decided to try a different approach. He started an insurance company and became the newly formed entity’s CEO. This opportunity has enabled Rick J. Lindsey to fill a void in the market and provide a valuable service to businesses, individuals, and insurance agents who write high-risk business. XINSURANCE also specializes in helping individuals and businesses who live a lifestyle or participate in activities that make them difficult for traditional carriers to insure. If you’ve been denied, non-renewed, or canceled coverage, don’t give up quite yet. Chances are XINSURANCE can help.
