Insurance 101 for New Attorneys: What Insurers Expect and Want From Outside Counsel

To best represent any client in insurance matters, attorneys should understand how insurance businesses actually operate and what "keeps them up at night." These subjects are not covered in law school, and new attorneys often fail to have either a complete or accurate picture of insurance as a regulated business.

It is critical to understand the difference between admitted and non-admitted insurers, retail and wholesale producers, brokers and agents, underwriters, and a host of other players. Each of these participants has different regulatory and licensing requirements, as well as different levels of duty to third parties. Insurers are required to maintain sufficient capital to satisfy claims and thus are constantly monitoring losses by policyholder, book of business, or line of business which is well beyond the issues in any one file.

Listen as Frederick J. Fisher, J.D., CCP, President at Fisher Consulting Group, provides new attorneys with the essential, inside, and real world knowledge about the insurance business that will enable them to better understand why they are being asked to do certain things pertaining to insurance.