New Professional Indemnity Insurance Facility for Solicitors
For many busy small and mid-sized legal practices operating in challenging business conditions, the costs associated with professional indemnity (PI) insurance can be particularly onerous. Even those firms that have excellent claims records and robust risk management systems in place can experience some difficulty in securing PI insurance at reasonable terms.
New risks such as fraud and cyber risk are growing problems to all legal firms and more and more regulation is driving up the internal cost.
In order to meet the growing challenges and risk issues, Marsh has created a new facility to assist the solicitors in England and Wales in managing their PI spend. Through the use of analytics, claims, and risk data, Marsh is able to create a new assessment system for law firm performance, which would help us negotiate competitive prices.
Utilising analytics and statistical data, Marsh’s new PI solution enables insurers to offer firms equitable cover based on their long-term performance. This cover, together with Marsh’s risk management and claims expertise, means that firms can be confident that they are protecting their futures from unforeseen events with high quality insurers who view this as a long term sustainable proposition
Key features include:
- Insurer capacity is composed of two insurers of at least A rating with Moody’s Fitch and Standard & Poor.
- A facility aimed at firms delivering consistent high quality.
- Defence costs cover for disciplinary matters*.
- Dedicated face to face risk management support and access to a 24-hour helpline for compliance officers for legal practice/compliance officers for finance and administration (COLP/COFA).
- Claims support from Marsh’s team of technical experts and legally qualified claims advocates.
*subject to terms and conditions of cover.