Lawyers Professional Liability IQRM

Armor 360 Logo

What is IQRM?

The IQRM (Intelligence Quotient for Risk Management) is the first step to identifying the risks that most greatly affect your business.

Why IQRM?

With this integral piece of The Insurance Market’s Armour 360® process, we will ensure you receive a comprehensive program that maximizes your insurance investment.

How IQRM works?

We will work together to analyze the effectiveness of managing risks, develop strategies to protect your assets, and improve your risk profile. Additionally reducing your insurance costs, monitoring, and fine-tuning risk management programs as your business evolves.

MM slash DD slash YYYY
1. My firm has a comprehensive process for monitoring our professional staff’s continuing education and loss control related education.(Required)
2. My organization maintains a calendar system to ensure timely completion of report filings and monitoring statute of limitations. We have a detailed process where all work papers are indexed to reflect what was done, when, and by whom.(Required)
3. My organization uses engagement letters for all services performed. Or engagement letters include alternative dispute resolution language and are updated and reviewed regularly.(Required)
4. It is very unlikely for my organization to need to sue clients for unpaid fees. If we need to, we follow an established process.(Required)
5. My organization follows a thorough process of checking any conflicts of interest before engaging with a new client.(Required)
6. My organization has a formal client acceptance process where multiple senior managers must weigh in and agree before taking new engagements.(Required)
7. My organization has a formal process to review current clients and to disengage with troubled clients.(Required)
8. My firm completes our professional ability application to reflect all exposures and all entities or persons to be insured.(Required)
9. My organization has effective communication with our attorney, insurance agent or broker, and an insurance carrier after a claim is reported.(Required)
10. Our general counsel or outside counsel reviews all ‘client-facing’ contracts to ensure that requests to add any parties as additional insureds is either avoided or handled through mutual indemnification language.(Required)
11. When my organization hire sub-consultants we verify that they maintain their own professional liability insurance and have a suspense system to follow up for updated evidence of coverage upon expiration.(Required)
12. We understand how a claim is defined in our professional liability insurance policy and have a good understanding of the policy exclusions.(Required)
13. My organization discloses all related entities including ownership affiliation in the nature of services on our professional library application and always indicate those for which coverage is desired.(Required)
14. My organization understands our professional liability policy and the enhancements provided. We have historically utilized the risk management offerings from our professional liability policy including having our engagement letters reviewed and/or calling a risk management attorney hotline to vet potential claims and issues.(Required)
15. My organization has effective communication within all parts to ensure timely reporting of all incidents that could lead to an actual claim.(Required)
16. My organization maintains an internal quality control document and reviews and updates at least annually or semi-annually.(Required)
17. Discussing optional law firms for handling our defense instead of the insurance carrier’s panel counsel before a claim actually occurs is an important part of the professional liability insurance buying process.(Required)
This field is for validation purposes and should be left unchanged.

1.800.999.7518

Contact Us
Leave a Review

Phone 302.875.7591 Fax 302.875.7541
310 N. Central Ave. Laurel, DE 19956

Phone 443.944.9682 Fax 443.944.9683
109 Poplar Hill Ave. Salisbury, MD 21801

Phone 302.875.7591 Fax 302.491.4862
105 NE Front St. Milford, DE 19963
This field is for validation purposes and should be left unchanged.
Copyright © 2023 The Insurance Market. All rights reserved.
Privacy Policy
Leave a Review