Manuscript Policy
Key Takeaway
A custom-drafted insurance policy tailored to the specific needs of a particular insured, as opposed to a standard form policy. Large law firms often negotiate manuscript policies that include specialized coverage provisions, modified exclusions, and unique terms not available in off-the-shelf policy forms..
Definition
A custom-drafted insurance policy tailored to the specific needs of a particular insured, as opposed to a standard form policy. Large law firms often negotiate manuscript policies that include specialized coverage provisions, modified exclusions, and unique terms not available in off-the-shelf policy forms.
Why This Matters for Law Firms
Understanding this concept is essential for law firms because it directly affects how your coverage responds when a claim is filed. Misunderstanding policy structure terms can leave your firm exposed to uninsured losses, particularly during carrier transitions or when claims surface years after the underlying work was performed.
Example Usage in Context
A managing partner reviewing the firm's renewal materials might ask the broker: "Can you confirm our manuscript policy aligns with what we had under the prior carrier? We want to make sure there are no gaps in our retrospective protection."
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