The Oregon Bar Association recently passed a rule requiring all attorneys practicing in the state to carry malpractice insurance. This rule is intended to protect both attorneys and their clients from potential financial losses due to negligence or errors in legal representation.
Malpractice insurance is a type of professional liability insurance that covers attorneys for any losses that may arise from their professional negligence or errors. It is designed to protect attorneys from financial losses due to malpractice claims, such as those related to breach of contract, breach of fiduciary duty, or other professional negligence.
The Oregon Bar Association’s new rule requires all attorneys practicing in the state to carry malpractice insurance with a minimum coverage of $100,000 per claim and $300,000 in aggregate coverage. This means that if an attorney is found liable for a malpractice claim, the insurance will cover up to $100,000 of the damages and up to $300,000 in total damages.
The Oregon Bar Association’s new rule is intended to protect both attorneys and their clients from potential financial losses due to negligence or errors in legal representation. By requiring attorneys to carry malpractice insurance, the Bar Association is ensuring that attorneys are held accountable for their actions and that clients are protected from any financial losses that may arise from a malpractice claim.
The Oregon Bar Association’s new rule is a positive step towards protecting both attorneys and their clients from potential financial losses due to negligence or errors in legal representation. It is important for attorneys to understand their responsibility to carry malpractice insurance and to make sure that they are adequately covered in the event of a malpractice claim.
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