2018 PAL/PLL/Misc Binding Authority Narrative

Thanks to the support of underwriters, Dominion's binding authority, renewing March 1st of each year, continues to enjoy profitable acceptance across the United States despite in roads made by Jameson, a major competitor, with the National Association of Patent Practitioners (NAPP) which offers Patent Practitioners Liability (PPL) policies to its members. In response to these competitive forces, we have worked with underwriters to develop two new enhanced product offerings: The Patent Agent Liability (PAL) policy and the Patent Lawyer Liability policy.

The combined PPL/PAL/PLL book, currently sits at $578,339 down from $667,813 in gross written premium under last year's binding authority. The policy count is also down from a high of 216 last year to a current level of 179. Notwithstanding these setbacks, we are confident that our new offerings will reverse this trend over the course of the next year.

The LPL book has dropped as well to 2016 levels of around $40,000 from a high of about $70,000 last year. The LPL writings consist exclusively of prior PPL insureds whose practices have developed to the point that LPL coverage is needed.

The remaining lines, AML, IBL and MPL, have declined slightly, currently standing at just under $15,000 in gross written premium.

We genuinely appreciate underwriters continued support and look forward to improving the scope and profitability of all the lines supported under this binding authority moving forward.