What are some of the ways that your legal department can obtain professional liability insurance for pro bono engagement? Which sources of coverage are most popular? The most recent CPBO Benchmarking Report answers these questions and more!
There is a variety of malpractice insurance coverage options available for in-house counsel and legal departments engaging in pro bono, including adding an endorsement to an existing policy or purchasing a standalone policy, and many departments access a combination of options to ensure coverage.
According to the 2014 Benchmarking Report, the majority of responding legal departments elect to partner with a legal services provider that supplies insurance coverage for volunteers. Some of these departments may also self-insure, issuing a letter or statement to volunteers that their company will cover the risk, while others opt to secure a pro bono policy through a traditional broker or insurance company or through the National Legal Aid Defender Association.
While the percentage of departments relying on coverage from their legal services partners remains high, CPBO notes a 16 percent decrease from 2012 to 2014. This highlights a possible trend in in-house pro bono where legal departments seek greater independence and flexibility with regard to the source of their pro bono matters as well as demonstrate a greater understanding of the different insurance option available, which may be obtained at low to no cost.
For more information on liability insurance for in-house pro bono, including a summary of the benefits and drawbacks of the various options available to in-house counsel, see Professional Liability Insurance for In-House Pro Bono. To access the on-demand webinar, “In-House Pro Bono: Professional Liability”, featuring insight from experts in the field as well as in-house pro bono leaders about coverage options, contact CPBO.
If you would like to access a copy of the 2014 CPBO Benchmarking Report or are interested in learning more about in-house pro bono, please contact CPBO Director Eve Runyon.