Understanding Your Malpractice Policy Declarations Page

The declarations page, commonly called the dec page, is the most important single page of your malpractice insurance policy. It summarizes the essential terms of your coverage in a standardized format: who is insured, what limits apply, what deductible you owe, and when coverage begins and ends. Despite its importance, many attorneys never examine their dec page closely and miss errors or unfavorable terms that could affect claim coverage. This guide explains every element of a typical malpractice dec page and what to look for.

Named Insured and Insured Parties

The named insured section identifies the policyholder. For a firm policy, this is typically the firm name, including any d/b/a names and prior firm names. Every name variation under which the firm has practiced should appear here. If your firm changed names during the policy period or retroactive period and the prior name is not listed, claims arising from work performed under the old name could face coverage disputes.

Individual attorneys may be listed on the dec page or on a schedule of attorneys attached as an endorsement. Confirm that every attorney at the firm, including partners, associates, of counsel, and contract attorneys who perform work under the firm's supervision, appears on the schedule. Omitting an attorney, even accidentally, creates a coverage gap for that person's work.

Some policies automatically extend coverage to new attorneys hired during the policy period, subject to notification within a specified window (typically 30 to 60 days). Others require affirmative endorsement before a new attorney is covered. Check which approach your policy takes and comply with the notification requirements strictly.

Policy Period and Retroactive Date

The policy period shows the inception and expiration dates of your current coverage, typically expressed as specific dates with a time stamp such as "12:01 AM Eastern Standard Time." Claims-made policies, which represent virtually all malpractice policies, cover claims first made against you during the policy period for acts or omissions that occurred after the retroactive date.

The retroactive date is arguably the most critical element on the dec page. It determines how far back in time your coverage extends. If your retroactive date is January 1, 2020, and a client sues you in 2026 for work you performed in 2019, the claim falls outside your retroactive date and is not covered, even though the claim was made during your current policy period.

Your retroactive date should ideally match the date you first obtained claims-made malpractice coverage, known as full prior acts coverage. If you see a retroactive date that is more recent than your original coverage inception date, investigate immediately. A retroactive date advancement can occur when changing carriers if the new carrier does not offer full prior acts, or if the carrier deliberately advances the date due to claims history. Any gap between your original coverage date and your current retroactive date represents an uninsured period for which claims will be denied.

Limits of Liability

The limits section shows two numbers: the per-claim limit and the aggregate limit. The per-claim limit is the maximum the carrier will pay for any single claim, including defense costs if the policy treats defense costs within the limit. The aggregate limit is the maximum the carrier will pay for all claims during the policy period.

Common limit structures include $1 million per claim / $1 million aggregate, $1 million per claim / $3 million aggregate, and $2 million per claim / $4 million aggregate. Note whether defense costs are inside or outside the limits. This information may appear on the dec page itself, in the coverage section, or in an endorsement. As discussed in other guides, defense costs inside the limit erode your available coverage, while defense costs outside the limit preserve the full limit for indemnity payments.

Some policies show separate limits for different coverage parts if the policy includes both professional liability and supplemental coverages like cyber liability or employment practices liability. Each coverage part may have its own per-claim and aggregate limit, and there may be a policy aggregate that caps the carrier's total payment across all coverage parts.

Deductible or Self-Insured Retention

The dec page specifies your deductible amount and whether it applies to defense costs, indemnity payments, or both. A $10,000 deductible that applies to defense and indemnity means you pay the first $10,000 of combined defense costs and settlement or judgment amounts. A $10,000 deductible that applies only to indemnity means the carrier pays defense costs from the first dollar and you owe up to $10,000 only if a claim results in a payment.

The distinction between a deductible and a self-insured retention (SIR) matters for how payments are structured. With a deductible, the carrier pays the full claim amount and bills you for the deductible. With an SIR, you must pay the retention amount before the carrier's payment obligation begins. This distinction can affect whether the carrier has a duty to defend before the retention is exhausted.

Confirm that the deductible amount on the dec page matches what you agreed to during the quote or renewal process. Errors in the deductible amount, while rare, can have significant financial consequences if a claim arises.

Endorsements and Policy Forms

The dec page lists the policy form number and edition date, along with all endorsements attached to the policy. Endorsements modify the base policy form by adding, removing, or changing coverage terms. Review the endorsement list against your expectations. If you negotiated specific coverage enhancements, such as an innocent insured endorsement, a consent-to-settle provision, or a cyber liability endorsement, confirm each appears on the dec page.

Common endorsements include extended reporting period provisions, practice area exclusions, prior and pending litigation exclusions, and state-specific amendatory endorsements required by insurance regulators. Each endorsement should be read in conjunction with the base policy form to understand how it modifies coverage.

If you see an endorsement you do not recognize or did not expect, contact your broker immediately. Carriers occasionally attach endorsements at renewal that restrict coverage, such as a new exclusion for a specific type of claim or a sublimit on a previously unlimited coverage feature. Catching these changes before a claim arises gives you the opportunity to negotiate removal or seek alternative coverage.

Premium and Payment Schedule

The final section of the dec page shows the total annual premium, any applicable taxes and fees, and the payment schedule. Verify the premium matches the quoted or renewal amount. Check whether any risk management credits or discounts discussed during the quoting process are reflected in the premium.

If you opted for installment payments, the dec page or an attached billing schedule will show payment dates and amounts. Note any finance charges or installment fees. Some carriers charge 3% to 5% in finance charges for installment billing, which can add several hundred dollars to the total annual cost. Also note any cancellation provisions triggered by late payment, as malpractice policies typically allow cancellation for non-payment with as little as 10 days notice.