Mainstreet Frequently Asked Questions

 

What is Mainstreet Legal Malpractice Insurance?
Why do solo attorneys and lawyers at small law firms need a special program?
Where does Mainstreet provide policies?
How do I get a free premium indication?
How quickly can I get legal malpractice insurance in place?
How much does legal malpractice insurance cost? Does Mainstreet have the best price?
What about “part-time” attorneys?
What happens if I have a claim against my policy?
What size policy should I buy?
What if I practice as an Independent Contractor providing legal services to the clients of other law firms?
Can Mainstreet help me if I do Intellectual Property Law?
Am I eligible if I have had a claim or claims in the past?
What about the coverage?
Will my policy be a “Claims Made” policy?
What is a “Claims Made” Policy?
If I switch to Mainstreet from my current company will there be gap in coverage?
When will I need “Tail” coverage (if ever) and what is it?

What is Mainstreet Legal Malpractice Insurance?

Mainstreet is an insurance agency/ broker founded in 1996 to provide specialized services to solo practitioners and smaller law firms.

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Why do solo attorneys and lawyers at small law firms need a special program?

Small firm operations differ significantly from large firms.  Mainstreet tailors service accordingly.  Most insurance retailers will place insurance for a smaller firm but reserve quality service for the larger firms.  Not so with Mainstreet.

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Where does Mainstreet provide policies?

  • Arizona
  • California
  • Colorado
  • Connecticut
  • Georgia
  • Florida
  • Iowa
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Missouri
  • New Jersey
  • New York
  • North Carolina
  • Ohio
  • Pennsylvania
  • Tennessee
  • Texas
  • Washington
  • Wisconsin
  • Virginia

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How do I get a free premium indication?

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How quickly can I get legal malpractice insurance in place?

The average time is 48 hours.

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Does Mainstreet have the best price?

Usually, yes! The cost of legal malpractice insurance can vary greatly as it depends on a number of factors such as practice specialty, length of time currently insured, geographic location and previous claim history to name a few.

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What about “part-time” lawyers?

The quick answer is “yes” we assist lawyers engaged in private practice on a less than full time basis.

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What happens if I have a claim against my policy?

Local defense counsel represents and defends you. The insurance policy pays for the cost of defending you.

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What size policy should I buy?

The answer depends on your particular circumstance taking into consideration the type of cases (and type of clients) you handle, and your personal asset situation. Mainstreet can help you think through this issue and tailor a policy that best fits your needs. Start an online premium indication request or call us at 800-817-6333.

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What if I practice as an Independent Contractor providing legal services to the clients of other law firms?

Independent contractors have historically been added to the policy of the firm that has engaged them to provide legal services.

However, with law practice opportunities limited for many recent law school grads, a new model of practice is more common whereby a lawyer creates an entire practice (or most of a practice) from providing a range of legal services of assignments from a number of firms.  Mainstreet can help guide you to the correct insurance for this new model.

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Can Mainstreet help me if I do Intellectual Property Law?

Yes, we have an excellent program and placement record in handling this specialty including patent law even if you are a solo practitioner or part of a small law firm.

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Am I eligible if I have had a claim or claims in the past?

Yes.  Claims in the past, however, can impact price.

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What about the coverage?

Insurance companies affiliated with Mainstreet provide broad, industry-standard protection with many additional features not readily available, including:

CEOL – This benefit option gives you more money to be used for settling a claim. Your defense costs will be paid separately, outside of your policy limits.

Damages only Deducible– Your deductible does not apply to our cost of defending you; you pay your deductible only if a payment is made to an aggrieved party.

Lawyer Discipline Defense – Defends you in a disciplinary proceeding when your license to practice may be at risk.

Business Office Policy – Provides premises liability protection for leased office space and coverage for your business property.

You should also ask us about:

Subpoena Assistance Protection

Pre-claim Assistance

“Personal Injury” Protection

Employment Practices Defense Coverage

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Will my policy be a “Claims Made” policy?

Yes, industry-wide, all lawyer policies are “claims made”.  However, unlike other programs, our staff will work with your firm to tailor coverage and pricing for your specific circumstances.

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What is a “Claims Made” Policy?

A Claims Made policy provides insurance protection for claims made against you and reported to the insurance company during the policy term. It covers only those claims derivative of legal services you rendered (or should have rendered) on or after the retroactive date listed in your policy.

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If I switch to Mainstreet from my current company will there be gap in coverage?

At your request and direction we will arrange coverage so you can switch with confidence and without any gaps.

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When will I need “Tail” coverage (if ever) and what is it?

You should acquire “Tail” coverage or an Extended Reporting Period (ERP) Endorsement if your firm stops buying insurance for any reason such as firm dissolution or retirement. An ERP allows for the reporting of claims in the future to cover claims arising out of legal services you provided in the past. We may be able to provide you with a free ERP if you maintain insurance in the program and meet a few other qualifications. We will be glad to discuss this feature with you in detail.

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