More law firms are buying insurance for the financial exposures of limited liability partnerships (LLPs), said broker Jardine Lloyd Thompson (JLT).
JLT Risk Solutions said many LLPs were now protecting their members with Lifeboat insurance which negates the need for LLPs to establish separate funds for the benefit of dependents of any member left facing an individual claim.
JLT said it has already developed Lifeboat programmes for several of the UK's top legal firms and received enquiries from other firms in both the UK and the US.
Lifeboat is underwritten by St Paul in a joint venture with the Law Society of England and Wales. Policy limits of up to £10m are available to LLPs.
