Tips in advance of renewal
Our extensive experience of arranging PI insurance for solicitors has allowed us to develop a comprehensive understanding of the renewal process. Here are some essential points to follow when it comes to completing your professional indemnity insurance proposal form. Feel free to contact us for more advice and information regarding solicitors professional indemnity insurance.
Importantly, start the renewal process early and In addition to your proposal form, ensure you provide:-
- Insurers’ confirmed claims prints for at least the last 6 years and alongside this provide your own comment as to the content, any issues, action taken to remediate, prevent recurrence etc.
- Evidence of good operational compliance procedures.
- Commentary on your work split, so e.g. if Commercial work, the nature of this, is it within a specific industry etc.?
- Full disclosure of any ongoing SRA matters or similar.
- Any major changes planned, conversion to ABS etc.?
- Any activity that might be deemed to fall outside the definition of Private Legal Practice? This might include e.g. the work undertaken by an employee as a Notary Public and for which some firms arrange an extension to the company policy. Ad hoc, free or gratuitous advice might also fall into this category.
The above is not an exhaustive list and MFL Professional can add value to the renewal process with one-to-one visits to your practice in order to advise and assist through the process.
Finally, we would go further in highlighting the need for all law firms to consider a wider suite of insurances to sit alongside the Professional Indemnity in order to adequately protect themselves, e.g. Cyber, Crime and Management Liability.