Policy Structure
Deductible
The amount the insured must pay toward a covered claim before the insurance policy begins to pay. In a deductible arrangement, the insurer typically manages the claim from the outset and either bills the insured for the deductible amount or deducts it from claim payments. Deductibles for small law firm malpractice policies typically range from $1,000 to $25,000 per claim.
Related terms
Self-Insured RetentionA specified dollar amount that the insured must pay out of pocket before the insurance carrier's cov...Aggregate LimitThe maximum total amount an insurance policy will pay for all covered claims during a single policy ...Per-Claim LimitThe maximum amount an insurance policy will pay for any single claim, including defense costs if the...