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professional liability insurance

Professional liability insurance—sometimes called malpractice insurance or errors and omissions insurance—is insurance that may be purchased by attorneys and law firms to pay the costs of defending legal malpractice claims, and the costs of settling such claims or paying the judgment awarded to a plaintiff on such a claim. Most states do not require attorneys to purchase professional liability insurance, but some states require attorneys who do not carry professional liability insurance to provide notice to their clients of that fact. Some states require attorneys to have their clients sign a written disclosure that the attorney does not have professional liability insurance.

In New Mexico, attorneys are not mandated by state law to carry professional liability insurance, commonly known as malpractice insurance. However, the New Mexico Rules of Professional Conduct, specifically Rule 16-104 NMRA, require attorneys who do not have such insurance to notify their clients in writing if they lack professional liability insurance when they are engaged by a client and at any time they cease to be insured during representation. This disclosure must be made to existing clients within thirty days of the date the attorney becomes uninsured. The rule aims to ensure that clients are informed about the insurance status of their attorneys, allowing them to make informed decisions about their legal representation.

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Attorneys

professional liability insurance

Individual & Family Legal Plan

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New-Mexico State Code

New-Mexico State Code

Attorneys

professional liability insurance

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