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Insurance Glossary

The world of insurance for law firms can be confusing, and difficult to navigate. We've created this glossary because these common insurance terms should be easy to understand.

Prior Acts Coverage

A lawyer may practice law and render professional services for many years prior to becoming insured with ALPS.  Because a lawyer has continuing exposure for “acts, errors, or omissions” with respect to those prior professional services, the lawyer must always consider whether to purchase prior acts coverage. ALPS may offer “prior acts coverage” to a law firm or an individual attorney joining a law firm if the law firm or attorney has been continuously insured by another LPL insurer for the prior professional services that have already been rendered. If ALPS is willing to offer you “prior acts coverage,” your ALPS policy will afford coverage to the law firm from the earliest date upon which the law firm rendered professional services and was continuously insured by another LPL insurer for those professional services.  In essence, “prior acts coverage” means that an LPL insurer is willing to accept risk retroactively and insure the law firm retroactively back to a date that is prior to the effective date of the very first policy with the insurer.