Named Insured
Key Takeaway
The person or entity specifically identified on the declarations page as the primary policyholder. In law firm malpractice policies, the named insured is typically the firm entity, with individual attorneys covered as additional insureds under the policy.
Definition
The person or entity specifically identified on the declarations page as the primary policyholder. In law firm malpractice policies, the named insured is typically the firm entity, with individual attorneys covered as additional insureds under the policy. The named insured has primary policy rights and obligations, including the duty to report claims.
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 named insured aligns with what we had under the prior carrier? We want to make sure there are no gaps in our retrospective protection."
Related Q&A
Related terms
Need help understanding your policy?
Get a free coverage review and we'll walk through every key term in your law firm's insurance program.