Optional Business Innocent Insured Coverage
Optional business innocent insured coverage (BIIC) protects innocent lawyers in firms who may face claims that are otherwise uninsured because the business interest of another lawyer at the firm triggers Exclusion 6.2 of the professional liabilty insurance policy (Part A), the "business exclusion" clause.
The coverage will apply when partners are unaware, despite reasonable and regular enquiries, that another lawyer in the firm was providing legal services that trigger the business exclusion.
The 2016 Business Innocent Insured Coverage Policy is the current policy. The cost is $300 per firm lawyer.
Lawyers Insurance Fund to offer optional "innocent insured" coverage, September-October 2001 Benchers' Bulletin and Insurance Issues 2002 No. 1
For more information contact Margrett George of the Lawyers Insurance Fund.