The declaration of legislative policy of this subtitle is as follows:
It is hereby declared by the general assembly of the Commonwealth of Kentucky that the availability of legal professional liability insurance for attorneys-at-law is a necessity; and without such insurance, legal services may be severely curtailed; and that while the need for such insurance is increasing, the supply is not adequate and is likely to become less adequate in the future; and that present plans to provide adequate legal professional liability insurance in Kentucky have not been sufficient to meet the needs of our citizens. It is further declared that the Commonwealth has an obligation to provide an equitable method whereby every insurer licensed to write personal liability insurance in Kentucky be required to meet this market demand. It is the purpose of this article to define this obligation and provide a mandatory program to assure an adequate supply of legal professional liability insurance coverage in the Commonwealth of Kentucky.

Terms Used In Kentucky Statutes 304.41-010

  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Legal professional liability insurance: means insurance as defined in KRS §. See Kentucky Statutes 304.41-020
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

Effective: June 17, 1978
History: Created 1978 Ky. Acts ch. 365, sec. 1, effective June 17, 1978.