Know your insurer: buy cheap, buy twice
Insurers dropping out of the market last year left some law firms with no insurance and in a last minute panic to find cover. This resulted in many law firms paying two premiums, with some firms unable to obtain insurance at all. Around 170 firms were left high and dry and forced to go in to run off.
Is price everything?
PII is one of a law firm’s largest expenses and therefore price is always going to be the main driver behind choosing your professional indemnity provider. However, last year highlighted the importance of working with the right insurer and broker. TheJudge have been in the insurance market for 15 years, our experience has allowed us to be alive to each insurer’s unique appetite and with this knowledge we can match firms with insurers based on more than just speculation.
Know your broker
Trust between a broker and firm is crucial to ensuring your expectations are both understood and achieved. A good broker is motivated to get you the terms you want, but equally won’t be afraid to advise you on what is realistic. At TheJudge, we pride ourselves on providing honest advice and have a team committed to delivering results. It’s smart to be cautious when choosing a broker as it can be detrimental and counterproductive to send your proposal out to anyone and everyone.
Insurers’ capacity running out – Avoid the rush
2013 demonstrated the risks of leaving your PII renewal application to the last minute. As was widely reported in legal press, a number of law firms left it so late to arrange their insurance that they were absolutely beholden to the last remaining insurers willing to write business at the 11th hour. This is clearly not advisable if you’re seeking to minimise the cost of your PII. At TheJudge we can make applications to leading insurers today, ensuring ample time to get your insurance in place ahead of any rush. Remember, a number of insurers will have a set amount of capacity they are prepared to commit to the solicitors PII market in 2014, and when it’s gone, it’s gone.
To speak to a broker about your PII renewal, please contact: Katie Armstrong on DDI: +44(0)207 337 6038 or email firstname.lastname@example.org