Professional Indemnity Crib Sheet as at 13th July 2011

These are the Qualifying Insurers who we have access to, those highlighted in blue are the ones we will access on your behalf. We are one of only five brokers nationwide who can access the new business schemes available from Marsh. To cover 100% of the market, you will need to send submissions independently to […]

These are the Qualifying Insurers who we have access to, those highlighted in blue are the ones we will access on your behalf. We are one of only five brokers nationwide who can access the new business schemes available from Marsh. To cover 100% of the market, you will need to send submissions independently to those Qualifying Insurers in black.

Allianz               4 plus partner practices, not actively looking to underwrite a lot of new business

Alpha                 All sizes of practice up to 10 partners. Solicitorassist access via Indemnity Risk Solutions ( a wholesale professional indemnity provider))

Aviva                  4 plus partner practices, not actively looking to underwrite a lot of new business

Chartis               All sizes of practice although they are not looking to underwrite any new business and will be applying minimum 25% rate increases to renewals

Hannover           4 partner plus scheme but also designated insurers forConnect2Law Firms. New business appetite is currently unknown. Scheme via Locktons only

Lemma                Unknown at present

QBE Insurance   4 plus scheme via AON Insurance Brokers only

QBE Insurance   10 plus partner practices

Travelers              All sizes of practice

Vision (Liberty)  2-3 Partner scheme via Marsh Insurance Brokers (Solicitorassist have direct access)

W R Berkley         2 partner plus, are not overly keen on any previous conveyancing exposure during the past 6 years

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XL Insurance       1,2 amp; 3 partner scheme via AON Insurance Brokers only

XL Insurance      4–10 partner scheme via Marsh Insurance Brokers (Solicitorassist have direct access)

Zurich Insurance All sizes of practice although they are not looking to underwrite any new business for firms with less than 10 partners

HOW TO PRESENT YOU amp; YOUR FIRM TO QUALIFYING INSURERS

Answer every question thoroughly on the proposal form, if you want to explain an answer in greater detail, attach this information on a separate sheet.

Obtain your up to date claims summaries from all insurers since 2005. These should be obtainable from the brokers who placed your business in that year.

If you have had to make notifications of potential claims or had claims made on your previous policies, give an explanation of what happened and the risk management / procedures you have put in place to prevent this from happening again.

Ensure all copy correspondence is provided in respect of any disciplinary, investigation or monitoring visit. This should include any findings and your response to those findings.

Over the 2011 and 2012 renewal periods you will see a change in the market. Both new and existing Qualifying Insurers will be reviewing all the information in their possession about those they want to insure and those they already insure as come 2013, they will all want the same thing, not to pick up or be stuck with a risk that in previous years would normally have ended up in the Assigned Risk Pool, as they will then be 100% responsible for its losses.

WE ARE DIFFERENT FROM A LOT OF BROKERS LISTED BY THE SOLICITORS REGULATION AUTHORITY.

SOLICITOR ASSIST IS ONE OF ONLY A HANDFUL OF SPECIALIST BROKERS, WHO HAVE THE EXPERIENCE OF PLACING SOLICITOR’S PROFESSIONAL INDEMNITY RISKS AND HAVE ACCESS TO THE MAJORITY OF QUALIFYING INSURERS.

THE DIFFERENCE IS, WE TELL YOU WHICH INSURERS WE ARE GOING TO AND WHY. IF THE BROKER YOU APPROACH CAN’T CONFIRM EACH INDIVIDUAL QUALIFYING INSURER THEY ARE APPLYING TO ON YOUR BEHALF, THEN MOVE ON. [email protected] tel 0845 338 6080 fax 0845 338 6061

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