- Current SIF Claims Summary Sheets for your Firm and any Firm to which you are a Successor Practice
- Schedule of Claims Experiences from all of your Insurers since September 2000
- Please provide additional in depth information for any large claims (outstanding and settled) confirming if measures have been put in place to reduce the potential of a claim again.
- Sheet of current HEADED notepaper, crossed with 'solicitorassist.com'
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Professional Indemnity Insurances
This is likely to be your largest single insurance expense.
The solicitors professional indemnity insurance market
is small, with a few insurers venturing into the market each year and
a few disappearing! There are approximately 10 qualifying insurers who
underwrite approximately 90% of the solicitors professional indemnity market.
You will be required to purchase cover with an indemnity
limit of at least £2,000,000 (£3,000,000 if you are an LLP
or Limited Company).
In 2005, the policy wording was amended and you still
need to fully understand the new aggregation rule. In simple terms,
the cover until now has been on an ‘any one claim’ basis,
so every claim is covered up to your chosen indemnity limit. Under the
new rules, insurers are able to curtail this severely. The new definition
of one claim states that the insurance may provide that all claims shall
be treated as one claim with your chosen indemnity limit if they arise
from one act or omission, one series of related acts or omissions, the
same act or omission in a series of related matters, or transactions
or even similar acts or omissions in a series of related matters or
transactions. They also provide that all claims arising from one matter
or transaction will be regarded as one claim.
Which insurers do solicitorassist.com have access to?
How does the market work?
Insurance companies try to renew as many of their existing
policies as they can prior to 1st August. After that they then try to
obtain new business ensuring they are up to capacity come the 1st October.
If insurers start to run out of capacity, they may purchase additional
cover which in turn increases the costs of cover to yourselves.
So when is the best time to purchase cover?
Completely up to you, some people believe that leaving
it to the last minute means the premium will be more competitive, This
can be the case but if there is little capacity left, insurers will
increase their rates. Other people prefer to have it all in place by
the beginning of September knowing they are paying a competitive premium
but not necessarily the cheapest attainable . To assist our proposal
form asks for 'quotation needed by' date box on the last page.
Please remember, the solicitors professional indemnity
market is relatively small, do not involve anymore than three brokers,
insurers who see presentations from more than three brokers for the
same practice sometimes thereafter refuse to quote.
How do you obtain quotations via solicitorassist.com?
1. Download the proposal form below for completion
and return along with the following :-
2. If you are a new venture / start up, cover
can be incepted at anytime with the renewal date falling in line to
the 1st October. when returning the completed proposal form please ensure
you also attach curriculum vitaes in respect of principal / partners
and also a detailed business plan and financial forecast for at least
two years. The more information you provide to insurers, the more competitive
the premium.
3. If you want straightforward advice and wish
us to negotiate renewal on your behalf with your existing insurers as
well as carrying out a marketing exercise, please also complete the
letter of appointment which enables us to negotiate with your existing
insurance company direct.
4. If you've had enough of form filling, forward us your completed renewal
proposal form along with the ancillary information and quotations will
be sourced *(may be subject to additional information as all insurer
forms ask different questions)
* Please print on your own letter headed paper.
Just return the completed proposal form and other information
by email, fax or post to :-
Mark Ramsbottom |
Call us now on... 0845 338 6080Arrange your office, Further discounts are available on your home, motor
and liability insurances
thorough our ATE loyalty
scheme.  |
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 solicitorassist.com is a trading style of IMI Insurance Brokers Limited. IMI Insurance Brokers |
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