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CollectProtect: A Difference Maker in Malpractice Insurance for Collection Attorneys

By Keith MontgomeryOctober 22, 2019
 

Cornerstone is excited to announce the launch of CollectProtect, a new lawyer professional liability/malpractice program created to fit the needs of collection law firms. Some of the coverage features include specified coverage for FDCPA claims and mutual choice of defense counsel to ensure that you have the best representation.

Rather than a miscellaneous malpractice policy, this is a policy form created specifically for collection attorneys and geared toward those who are investing in compliance to minimize their exposure to lawsuits. Perhaps most importantly, there is safety in numbers and this is an opportunity for the ARM industry’s law firms to unite behind one insurer who is committed to defending our industry.

Cornerstone’s in-house insurance agency works diligently behind the scenes to develop E&O, malpractice and cyber liability options tailored for the ARM industry. Our mission is to make sure you have the coverage options you need at an affordable price. No other insurance broker focuses exclusively on serving the collections industry, and no one works harder as an advocate for your coverage needs. Only Cornerstone consistently delivers the results you need to protect your collection firm.

CollectProtect is the latest addition to the policy options offered by Cornerstone.  The new policy includes the following coverage enhancements:

  1. EXPANDED DEFINITION OF DAMAGES: We have incorporated fines and penalties coverage for the FDCPA/FRCA to the full limit of the policy, and a $500K sublimit for TCPA
  2. AMENDED CONSENT TO SETTLE: Includes a “softened hammer” clause that is 50/50
  3. PRE-APPROVED DEFENSE COUNSEL: Prestigious firm of Wilson Elser Moskowitz Edelman & Dicker as pre-approved defense counsel at a very competitive rate
  4. MUTUAL SELECTION OF DEFENSE COUNSEL: We’ve also made overall selection of counsel mutual to allow flexibility in using your preferred defense counsel
  5. MODIFIED DEFINITION OF INSURED: Includes of counsel and contract lawyers
  6. QUARTERLY BORDEREAU REPORTING: Will be considered on a case-by-case basis, to allow more flexibility for settlement of small nuisance claims

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