COLP & COFA Insurance protects you personally for allegations relating to the management of your practice, none of this personal liability is insured under your Solicitors Professional Indemnity policy which only covers advice and services delivered to customers by the firm.
Our insurers provide cover for SRA / SDT investigation costs and legally insurable fines & penalties under their broad cover COLP & COFA insurance policy.
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Did you know that largest Compliance Officer Insurance claim paid by insurers exceeded £1m
COLP & COFA Insurance is designed to protect the individuals involved in Management Roles within your firm of Solicitors against personal liability, this policy provides broad coverage and good value for money.
One COLP & COFA Insurance policy protects all the persons in your firm and we can quickly offer quotations and cover for firms with up to £25,000,000 in fee incomes.
Features & Benefits:
- Limits of Indemnity up to £2,000,000 in the aggregate including Defence Costs
- Includes cover for partners, directors, officers, C.O.L.P.s and C.O.F.A.s, co-defendant employees and anyone acting in a managerial or supervisory capacity
- Cover against civil regulatory awards & fines
- Investigation Costs
- Pollution defence costs and shareholder actions
- Marital Estates cover
- Retired Persons run off cover
About the Management Liability (COLP COFA Insurance) product
Our policy coverage is not compromised or potentially exhausted by providing indemnity to the partnership or firm itself, nor does it cover more adverse risks such as Employment Practice Liability which typically attract higher claims frequency.
Who is covered?
- Partners, members, directors, employees who are nominated as COLPs or COFAs, and employees in a managerial or supervisory capacity
- The partnership/firm itself should it have to reimburse a partner, member, director or employee
What is covered?
- Wrongful Acts committed in the course of running the partnership/firm, such as breach of duty, breach of trust, breach of warranty of authority, neglect, error, misstatement, misleading statement, libel, slander or defamation
- Investigation Costs incurred at an official examination, enquiry, investigation or other proceeding by regulators or others legally empowered to investigate the firm’s affairs, i.e. the SRA, Law Society, Information Commissioner or Health & Safety Executive
- Defence Costs, the legal costs to defend an insured person in the event of a management liability claim being brought against them
Who should consider buying Solicitors Management Liability (COLP | COFA Insurance)?
- Limited Liability Partnerships
- Legal Disciplinary Practices
- Limited companies
- Alternative Business Structures
For further information on all our products for Solicitors please contact us on 0845 4310 448 or email firstname.lastname@example.org