Is Minnesota Lawyers Mutual a good company?
UPDATED: Nov 30, 2017
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Asked November 30, 2017
Minnesota Lawyers Mutual is a top company in the legal malpractice insurance market. They provide lawyers with professional liability insurance and risk management. For 35 years, they have provided high-quality service and outperformed many other companies. MLM has succeeded in its mission to provide the best insurance policies for lawyers.
Created by lawyers to help lawyers, Minnesota Lawyers Mutual knows what their customers need. A.M Best, a premier provider of ratings for the insurance industry, gave them ratings of A- for financial stability and an A- for issuer credit.
Minnesota Lawyers Mutual was established to combat the dramatic increase in malpractice claims. Lawyers were getting bombarded with outrageous premium costs from other insurance companies and something needed to be done to help them protect their practice. The Minnesota State Bar created a task force that formed into a multimillion-dollar business over time.
Minnesota Lawyers Mutual has excellent financial stability. They currently have over 170 million in assets and over 80 million in surplus. Over the last 30 years, Minnesota Lawyers Mutual has paid over 49 million in dividends to their policyholders. Policyholders have peace of mind knowing their insurance obligations will be met.
Over the years, the company expanded to accommodate people in fifteen states. These states are Connecticut, Tennessee, Wisconsin, Massachusetts, Nebraska, Ohio, Maryland, Iowa, South Dakota, Virginia, Pennsylvania, Illinois, North Dakota, Minnesota, and Indiana. Coverages vary by state.
Minnesota Lawyers Mutual works with solo-practitioners and small to mid-size companies. Policy highlights include full prior acts coverage, first dollar defense, innocent insured protection, predecessor firm coverage, and supplementary payments coverage. MLM also offers policies that are geared especially for defense attorneys and their companies. Their new lawyers' program offers premiums at an introductory rate for two years.
Minnesota Lawyers Mutual has met and exceeded its goals. This company is financially strong and goes above and beyond for its policyholders. Policyholders are loyal to this company and MLM ensures their policyholders' satisfaction.
Answered December 5, 2017 by karen