MFL Professional Access to New Insurer Entrant Bringing Professional Indemnity Insurance Relief to Law Firms
MFL Professional, a leading specialist Professional Indemnity Insurance broker based in Manchester and Leeds, has secured direct access to a new market entrant to the Solicitors’ PII market in relation to the 2011 renewal season to complement its existing market access.
MFL is one of a very small number of brokers throughout the UK to have been granted this direct access to INK Insurance’s new capacity provided by First Title Insurance PLC. MFL has exclusive access in North West England.
First Title Insurance PLC is a name well known in legal circles having provided insurance solutions for land and property sales for many years. First Title Insurance PLC is rated A- (Excellent) by A M Best.
Kevin McParland, Managing Director of MFL Professional, comments: “The PII market for law firms has been extremely tough in recent years due to rising claims costs, limited market capacity and issues relating to the Assigned Risks Pool. Any new capacity in this sector can only be beneficial for firms in these tough economic times.”
The new facility with Ink Insurance will provide competitive premiums for 2-10 partner firms, in particular:-
- Specialist firms where the bulk of work undertaken (particularly in high risk areas) is in a particular set of aligned professional disciplines, or where divergent professional disciplines are handled by distinct teams containing more than one partner.
- Firms who demonstrate a quality, independent approach especially where conveyancing exposure exists.
- Principals who have a minimum of 5 years’ post qualification experience (PQE).
- Firms with a good disciplinary record
- Firms where principals can and do properly supervise their staff, with Lexcel and/or ISO accreditation or similar.
- Firms with a progressive approach to risk management with well embedded systems to ensure successful case management (e.g. diary systems, case review) and financial protection (e.g. money laundering controls, client money processes).
- Firms with a well balanced client base, with no evidence of undue reliance on or exposure to any large client or contract.
- Firms on a sound business footing and financially secure for the medium term.
Policies are underwritten by First Title Insurance PLC who introduced the Home Owner’s Protection Policy (HOPP) in October 2010 to the UK property market.
The HOPP is a first party policy taken out by the buyer (with the lender as a joint insured) to protect against loss arising out of the conveyancing process.
First Title will not subrogate against Solicitors to the extent that the buyer’s loss arises out of the Solicitor’s error.
It is likely that First Title will reflect material use of HOPP’s within Solicitor firms’ transaction through premium rating from 2012 and beyond.
MFL Professional provides bespoke advice to legal firms around the arrangement of compliant Professional Indemnity Insurance. Our services include:-
- Access to many of the UK’s leading Solicitor’s PII Insurers including the Ink Insurance facility for 2011.
- Direct negotiation and placement of cover.
- Advice around setting of appropriate Limits of Indemnity.
- Risk management advice.
- Merger and acquisition advice.
- Successor Practice advice.
- ‘Run Off’ and retirement advice.
- Access to premium instalments.
- Start-up practice advice.
About MFL Professional
MFL is a leading specialist Professional Indemnity Insurance Broker to the professions, operating from offices in Manchester and Leeds.
Founded in 1993, we offer a broad range of insurance broking and risk management services to the traditional and emerging professions alike, including our own dedicated claims handling service.
To discuss your renewal requirements for 2011 contact one of our experts today on 0161 – 236 – 2532
For more information you can visit www.m-f-l.co.uk/solicitors
You can also email a copy of your renewal submission directly to email@example.com
Notes to Editors
MFL Professional ~ Insurance For Your Reputation
- is a leading specialist legal liability insurance broker operating from offices in Manchester and Leeds
- Specialises in the analysis, management and insurance of professional risk for professional practices, science and technology companies and the individual partners, directors, officers and trustees who manage those businesses
- Arranges a number of exclusive professional indemnity insurance schemes for the members of various professional institutes and associations
- Acts as a consultant to various prominent bodies. By way of example:
- MFL operates Professional Indemnity Schemes for the members of the Chartered Institute of Architectural Technologists and the Landscape Institute
- We are a member company of both the North West Aerospace Alliance and Northern Defence Industries, and the preferred insurance partner for Techmesh, serving the IT & Digital sector, alongside The Sheffield Bioincubator and the East Midlands Incubation Network.
For further information please contact:
DDI: 0161 237 7734
MFL Professional is a trading name of McParland Finn Ltd.
Registered office Barlow House, Minshull Street, Manchester M1 3DZ.
Registered in England No. 2817700.
McParland Finn Ltd is authorised and regulated by the Financial Services Authority.
Disclaimer: MFL is happy for articles to be used in reputable publications, websites and companies in a public domain. Third parties that haven’t directly received this article in the form of an electronic press release must receive express permission from MFL, the sole owners of all of this website’s marketing and PR content.
To receive permission or to make further enquiries, call or email MFL’s Marketing and Development team.