Underwriting/Obtaining a Quote FAQs
Who handles underwriting for AIM insureds?
All underwriting is done by AIM, no third-party administrators or agents are used. You are in direct contact with your underwriter with easy and open communication. Your AIM underwriter is making the decision on your application and you can explain or argue your case if needed. Competitors often utilize the services of third parties to handle claims. Competitors using their own in-house staff may be using non-attorneys to manage your claim. Reservation of rights letters are over-used when not appropriate.
How long does it take to get a quote?
Normally, it takes seven to ten days, if complete information is received. It only takes us 2-3 days.
Things that can slow down the application process include an incomplete or unsigned application, as well as failure to include a specimen letterhead along with the application. Previous claims or disciplinary history must be reviewed and can require more time to underwrite. Failure to fill out the real estate and banking application for attorneys who practice in those areas can also slow it down.
Why can't I get a quote over the telephone without having to fill out an application?
Each application is underwritten individually, on its own merits. A written application must be received and reviewed for the dozens of factors that affect the premium quotation. Telephone quotes without a supporting application would be unreliable and a source of misunderstanding, therefore we do not give them. Attorneys needing a quick quote can fax or email their applications to us to speed up the process.
If I change to AIM insurance, do I have to buy tail coverage with my old insurer?
In most situations, if you have been continuously insured with no gaps in coverage, your quote normally includes full prior acts coverage; therefore, purchase of a prior acts coverage endorsement from your old insurer isn't necessary. Some special situations are, for example, a dissolving or fragmenting firm that has not been insured by AIM, where the applicants are not the successors in interest to the dissolved or fragmented firm. Such situations may not allow full prior acts coverage to be given under the terms of AIM's policy. AIM's ability to provide full prior acts coverage generally is very broad.
If my firm forms an LLC, can an individual attorney be insured separately?
No, as in the case of a partnership, professional corporation, or other corporation, the firm must be insured. All attorneys who practice together, regardless of the type of practice entity, must be insurable and insured under one AIM policy.
How are renewals handled?
The claims-made policy is not a continuous, renewable policy. Upon expiration, a new application is required. Underwriting relies upon the statements in the application to determine if any changes have occurred during the previous policy period. After an underwriting review and premium payment, a new policy is issued. The application attaches and is made a part of the policy.