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November 05 2019

Changes to SRA Indemnity Insurance rules

The SRA have recently issued a statement to the profession stating that when their new Standards and Regulations come into effect on 25th November 2019, all professional indemnity insurance policies will need to change to reflect their requirements.

November 04 2019

Guidance - Risk Management - General

Do I still have to do CPD?

In November 2016 the SRA changed the requirements for CPD. Find out more on the new regime of continued competence and what is expected.

What do I need to know about the new SRA standards and regulations?

November 01 2019

Guidance - Compliance

What do I need to know about the new SRA standards and regulations?

The new SRA standards and regulations are going to come into force on the 25th November 2019. Find out exactly what the main changes are and how this will affect your firm.

October 31 2019

Guidance - Compliance

Who is a Politically Exposed Person?

Find out exactly who is a Politically Exposed Person (PEP), what your obligations are under the Money Laundering Regulations 2017 and the systems you need in place.

Your shop window to insurers - How to use it effectively

September 25 2019

Guidance - Professional Indemnity

Your shop window to insurers - How to use it effectively

Depending when you renew, you could be vying for the attention of an underwriter’s time with hundreds possibly even thousands of your peer group so it is important that you make an effort to stand out from the crowd. After all, your renewal presentation is effectively your shop window to insurers so it is imperative that you use it effectively.

The Art of Underwriting - a guide to understanding how insurers price for your practice

September 23 2019

Guidance - Professional Indemnity

The Art of Underwriting - a guide to understanding how insurers price for your practice

A fundamental of insurance is that “the premiums of the many, pay for the claims of the few.” This means that all firms can and will be impacted by claims experienced by their professional peers.

September 16 2019

Guidance - Professional Indemnity

Do I have enough PI cover?

We often get asked whether the limit of indemnity a firm buys is enough, which is an interesting and pertinent question for any law firm.

Additional Information – does it really make any difference?

August 05 2019

Guidance - Risk Management - General

Additional Information – does it really make any difference?

Often we’re asked whether providing additional information to insurers really does make a difference to securing a competitive premium. In this article we explore with our underwriters why this is now more important than ever, but also how best to achieve this for your firm.

Personal Injury Practices - Are you prepared for renewal?

August 02 2019

Guidance - Professional Indemnity

Personal Injury Practices - Are you prepared for renewal?

Lockton continue to act for a large number of legal practices who undertake a significant proportion of personal injury work. Through our continued engagement with these firms we understand and appreciate the potential challenges businesses are likely to face arising from the Civil Liability Act, should the continued endeavours of various groups and individuals not be successful.

Preparation is key | A guide for upcoming renewals

June 26 2019

Guidance - Professional Indemnity

Preparation is key | A guide for upcoming renewals

It has been widely documented in the insurance press that the UK Professional Indemnity Insurance (PII) market is challenging. A number of participating insurers are reviewing their solicitor portfolios as a direct result of claims activity. Because of this claims activity, rates may well increase for a number of areas of law. At a time when it is as crucial as ever to stand out from the crowd, this article highlights the benefits of investing in your PII renewal process, meanwhile reducing the potential for unnecessary stress further down the line.

Extended Indemnity Period – Dispelling the Myth

June 05 2019

Guidance - Professional Indemnity

Extended Indemnity Period – Dispelling the Myth

To put simply, the Extended Indemnity Period (EIP) is not “extra time” to renew your Professional Indemnity Insurance. There appears to be a common misconception of what the Extended Indemnity Period (EIP) is intended for. This article aims to clarify matters whilst also addresses the potential implications and impact on a practice entering the EIP.

Emerging areas of law – An option for the future or an opportunity right now?

April 25 2019

Guidance - Professional Indemnity, Risk Management - General, Litigation

Emerging areas of law – An option for the future or an opportunity right now?

There will always be a demand for traditional areas of law such as conveyance, personal injury, wills, trust and probate, family, employment and commercial but with increasing competition along with continued pressure on fees it might be worth considering some of the emerging areas of law that could compliment your existing offering.

Reflection on the latest PII renewal season

April 17 2019

Guidance - Professional Indemnity

Reflection on the latest PII renewal season

Leading up to the latest renewal season there was plenty of publicity concerning the insurance market place and the possibility of rates hardening. Following the conclusion of the March and April renewal season and practices are now in receipt of their policy documentation we can reflect and report on what has occurred during this renewal period, using our portfolio of clients as the basis of our consideration.