Understanding Legal Malpractice Insurance Costs: Insights for Heritage Professionals

When looking at the methodologies involved with the protection and preservation of cultural heritage sites, certain principles can be seen that, while perhaps not at first glance related to the practice of law, can become relevant. The laws governing and protecting heritage sites may be important in protecting the sites, but the legality of the sites themselves can be a different matter. At some point, a heritage site may run afoul of the modern world, as it falls behind on taxes, or incurs codes violations or zoning issues, for example. In these cases, and many others, there can be significant legal issues involved. If a lawyer or legal practitioner is faced with such a case, malpractice can occur, especially when there is significant neglect towards an issue out of ignorance of the proceeding by the lawyer.

In order to protect against such instances, legal practitioners are able to purchase what is referred to as legal malpractice insurance. The importance of this can be seen that if a lawsuit is filed, for whatever reason, if the practitioner has this type of coverage, the litigation will often be covered by that coverage. Depending on the particulars of the situation, the insurance will help to defend against the lawsuit or help to settle it. In some cases, there may be a legal malpractice suit where a client sues a practitioner because the practitioner has caused harm due to a malpractice issue involving the legalities of a heritage site. If this happens, the practitioner may be able to get the fees paid by their regularly purchased legal malpractice coverage.

The matter of how much does legal malpractice insurance cost is an uncertain matter due to the fact that not only does it vary from case to case, but also that there are a number of factors that can determine the cost of a policy, including amount of coverage required and the location, which has a bearing on the perceived risk for the insurer. For a ballpark estimate, though, consider the fact that the lowest amounts of available coverage, such as coverage equaling upwards of $250,000 in legal malpractice insurance, can incur premiums ranging anywhere between fifty to sixty dollars per every thousand dollars. A threshold of $1,000,000 can see premiums range between eighty to eighty-five dollars per every thousand dollars of coverage. Note, though, that for more complicated and risky policies, such as those for large-scale commercial and corporate practices, the price holds the potential to be higher.

In the end, it all comes down to a simple consideration, and that is insuring that there is coverage in place in case the matter runs into any sort of legal malpractice issue. In this sense, the Heritage Educational Portal is a valuable resource, and this is another example of it.

For more information on legal malpractice insurance, you can visit Wikipedia.