Law firms renewing or replacing their current legal malpractice policy may be tempted to relegate the significance of the insurance application. Filling out the application may seem like just another administrative task, but make no mistake—accurate completion of the application is paramount.

This is because the information provided in the application can be the basis of rescission of a policy in its entirety, even for attorneys who have done no wrong, have never seen the application, and are unaware of any errors in the application responses.

The scope and extent of a legal malpractice insurance application varies between an initial application with a new insurer and a renewal application with an existing insurer. In an initial application, the focus of the insurer typically is on identifying all information necessary to effectively weigh a firm's or attorney's malpractice risk and ensure an appropriate premium for the coverage.