Solicitors Professional Indemnity Insurance

Presenting your strengths and explaining how you are addressing any weaknesses will be key to capitalising on the soft insurance market.

Prices have been kept down by plentiful market capacity, but firms with conveyancing work will continue to face additional challenges.

Firms might be more liable for identity fraud claims than previously imagined.

On the 7th February 2018, Financial security agency AM Best issued CBL Insurance with an amended financial strength rating of B ++ under review with negative implications. The situation has since worsened and the New Zealand regulator via the High Court as of 23rd February 2018 has placed CBL Insurance into interim liquidation.

Criminals target Law Firms to launder their illicit funds, this isn’t new news. It is estimated that over £90bn a year is laundered through the UK. The government is concerned about this and has recently issued the second National Risk Assessment of money laundering and terrorist financing (NRA).

The year 2017 has been busier than most in compliance and 2018 shows no signs of slowing down. So, what should you have ticked off your to do list by now, and what do you need to add for next year?

James Turnbull and Steve Holland feature in the Solicitor's Journal giving their expert insight into BPE Solicitors v Hughes-Holland and the Solicitor's Market.

'It could happen to you!' This is the message to take from the recent NHS computer crash following the "wannacry" virus attack. We outline some simple protections to help you stay safe online

As the latest government report reveals that phishing emails are responsible for the vast majority of information security breaches, we take a look at some of the latest scams

The Solicitors Regulation Authority (SRA) has launched a new consultation: “Protecting the users of legal services: balancing cost and access to legal services”, which proposes a number of changes to solicitors’ Professional Indemnity Insurance (PII). Following analysis of a decade’s worth of insurance claims, the SRA suggests that their current approach to PII is “too rigid”, claiming that the cost of insurance is too high, especially for smaller firms or those working in low-risk areas, which acts as a barrier to a truly competitive legal services market. It is also reviewing how the Compensation Fund functions in a changing risk landscape.

Top-up insurance (also known as excess layer insurance) is cover above, or in excess of, the compulsory primary indemnity limit set out by the Solicitors Regulation Authority (SRA). It is the principal’s responsibility to assess whether this minimum level of coverage is sufficient for their practice. Our guide takes you through some basic steps to help you decide whether you need additional top up coverage.

Are you concerned about managing your data or perhaps you're not clear on your firms retention/destruction requirements with GDPR looming on the horizon? Our risk consultant Amy Bell has put together a practical guide for managing data risk with consideration for GDPR. Click on right hand side to download the full guide.

31st October 2016 saw the end of the 16 hours CPD regime - replaced by Continuing Competence. Our webinar, and accompanying article answer some of the frequently asked questions around the Competence framework.

Monday 26th June 2017 saw The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 come into force, just 3 days after they were passed. Much of the 2007 regulations remain intact, however, there are considerable amendments and additions and below are highlighted those most relevant to lawyers.

Scammers are sending law firm clients fake invoices for work legitimately undertaken, and diverting the funds to their own bank account. The aftermath often includes a blame-game between the firm and their client, and a souring of client relations. Educating clients about the risk can help avoid the problem arising.

Follow our 6 top tips to help ensure your email system isn't compromised

As a solicitor client of Lockton, you have access to our dedicated client portal: to access your PII renewal documents, additional guidance and resources, and your online proposal form. Our guidance helps you get the most from our new portal.

Preventing data breaches or theft is principally about reinforcing best practice. Regular reminders are a valuable tool. Our 6 posters can be used around your office to keep information security best practice front of mind.

Shortly before Government was dissolved for the General Election, the Criminal Finances Act was passed. As part of the Government’s Action plan to tackle money laundering, terrorist financing and corruption, the Act introduced new investigation and information sharing powers for law enforcement and the regulated sector. Most notably, and of widest application, is the introduction of the new corporate offence of failing to prevent the criminal facilitation of tax evasion, which came in effect on the 30th September. If found guilty, firms can face unlimited fines in respect of acts done by their employees and associated persons. Firms which can demonstrate they have reasonable prevention procedures in place will have a defence.

Our webinar answers some frequently asked questions around the new Criminal Finances Act 2017: The Corporate Offence of Failing to Prevent Tax Evasion and provides guidance on your next steps to ensure compliance.

Our webinar explains what the new Competence framework means for you, and provides guidance on your next steps to ensure compliance.

New AML Regulations are due to come into force early this summer. Law firms need to be able to meet the new requirements when they come into force. Watch our webinar, by AML expert Amy Bell, to help ensure you are best prepared for the changes.

If you missed our recent seminar addressing how to prepare and address a cyber breach incident, you can view it at your desk by viewing our latest webinar.

Our latest 2-part webinar takes a practical look at information security risks and suggests effective risk mitigation strategies. It also considers recent claims trends and provides an overview of insurance coverage available to ensure you select the right policy for your needs.

Law firms are due to face AML inspections from an intergovernmental Financial Action Task Force during 2017, just as the latest EU Money Laundering directive is due to be incorporated into UK law. Our webinar explains the practical implications of the new legislation.

Leading environmental law expert Andrew Wiseman provides a very practical guide to the risk issues property solicitors need to be aware of relating to contamination and flood risk.

Property Law specialist, Katherine Fenn, of Field Fisher Waterhouse LLP, presents this tour de force on due diligence pitfalls and the latest issues for Commercial (and residential) Property solicitors. An invaluable, and enjoyable presentation that comes highly recommended.