Oregon lawyers must have malpractice insurance to practice law. This is a requirement of the Oregon State Bar, which is the governing body for lawyers in the state. Malpractice insurance is a type of professional liability insurance that protects lawyers from claims of negligence or wrongful acts.
Malpractice insurance is important for lawyers in Oregon because it provides financial protection in the event of a lawsuit. If a lawyer is sued for malpractice, the insurance will cover the cost of defending the case and any damages that may be awarded. Without malpractice insurance, a lawyer could be personally liable for any damages awarded in a lawsuit.
In Oregon, all lawyers must carry malpractice insurance with a minimum coverage of $100,000 per claim and $300,000 in aggregate coverage. This means that the insurance will cover up to $100,000 for any single claim and up to $300,000 in total for all claims. The insurance must also include coverage for punitive damages, which are damages awarded to punish a lawyer for particularly egregious conduct.
In addition to the minimum coverage requirements, Oregon lawyers must also meet certain other requirements for their malpractice insurance. The insurance must be issued by an insurance company that is licensed to do business in Oregon and must be approved by the Oregon State Bar. The insurance must also provide coverage for all of the lawyer’s professional activities, including those that are not related to the practice of law.
Malpractice insurance is an important part of being a lawyer in Oregon. It provides financial protection in the event of a lawsuit and helps ensure that lawyers are held accountable for their actions. All lawyers in Oregon must have malpractice insurance in order to practice law.