ROLLING MEADOWS, IL — May 10, 2022 — RPS Signature Programs, the program administration division of specialty insurance distributor Risk Placement Services (RPS), today announced that its Lawyers Professional Liability (LPL) insurance program is now available through the digital RPS Small Business Platform. On this platform, LPL coverage can be quoted, bound and issued online in just a few minutes with limits of up to $5 million (for qualified firms).
"Our online platform allows us to bring our 'digital-first' mindset to our retail partners," said Ryan Collier, RPS Chief Digital Officer. "Our Small Business Platform simplifies the entire underwriting process from quoting to issuance. This means that retail brokers can spend less time on each account while still offer their clients high-quality LPL coverage."
In particular, retail agents and brokers who serve "micro firms," those with five or fewer attorneys, stand to benefit from the automated underwriting and online quote process.
The RPS Lawyers Professional Liability program is now available to quote online on an admitted basis for law firms in 39 states, including Florida, Illinois and Texas. RPS launched the program, with Core Specialty Insurance Holdings, Inc. and its StarStone National Insurance Company subsidiary, in October 2021 on a non-admitted basis with the goal of offering admitted coverage in most states.
RPS's LPL program includes:
- First dollar defense option available
- 50% reduction for agreement to use mediation and the claim is settled at mediation (up to $25,000)
- A broad definition of insured takes into account the different professional services a firm may provide
- Pre-claim assistance
About RPS Signature Programs
RPS Signature Programs manages a variety of specialized programs on behalf of highly-rated carriers, offering proprietary insurance solutions in niche markets. Headquartered in Rolling Meadows, Illinois, RPS Signature Programs is a division of Risk Placement Services, one of the nation's largest specialty insurance product distributors.
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About Core Specialty
Core Specialty offers a diversified range of property and casualty insurance products for small to mid- sized businesses. From its underwriting offices spanning the U.S., the Company focuses on niche markets, local distribution, and superior underwriting knowledge; offering traditional as well as innovative insurance solutions to meet the needs of its customers and brokers. Core Specialty is an insurance holding company operating through StarStone Specialty Insurance Company, a U.S. excess and surplus lines insurer, and StarStone National Insurance Company, Lancer Insurance Company, Lancer Insurance Company of New Jersey, U.S. admitted markets insurers. The Company is rated A- (Excellent) by AM Best. For further information about Core Specialty, please visit www.corespecialty.com.