Application & Underwriting
PLF Excess Coverage differs from Primary Coverage in a few key ways. First, the PLF provides Excess coverage to law firms, not individual attorneys (a law firm would include a sole practitioners). This means that the firm must complete the Excess application on behalf of the entire firm - including all attorneys. Second, since Excess coverage is not mandated by statue, a firm application and underwriting review are conducted before coverage is offered.
How to ApplySome law firms will need to fill out supplemental applications. Your firm will need to complete a supplemental application any of the following are true:
- Your firm has a non-Oregon attorney in an Oregon Office or an out-of-state branch office.
- Your firm has an Oregon attorney working in a branch office outside Oregon.
- Your firm has one or more attorneys who practice(s) in the area of Securities law.
- Your firm is applying for $9.7 million in PLF excess coverage.
What to Expect from Underwriting
Applications submitted for Excess coverage typically take about one week to go through the underwriting process. The PLF has adopted a set of underwriting criteria, which are carefully applied to the application and claims record for each firm. We believe that a majority of Oregon law firms will meet our underwriting criteria. The PLF may contact the firm after the application is submitted if the Underwriter has any questions.
When the PLF approves an application, a quote is communicated to the firm via email. The firm can accept the coverage offer by returning a signed copy of the quote and payment to the PLF.
If it appears that a firm does not meet the underwriting criteria, the PLF will notify the firm and the firm may choose to submit additional information in its favor or withdraw the application. Because the PLF's Excess Program is written on an optional basis, we can succeed only if careful underwriting guidelines are applied. In order for the PLF to offer stable, long-term excess coverage, it may be necessary to decline the applications of a few firms that do not meet the PLF’s risk profile.