Around 15% of practices renewal their PII outside of the traditional 1st October timeframe, most commonly in April.  For the remaining 85% however, this should not mean putting the renewal process aside until late summer.

Now is an ideal time for firms to:

1. Review your 2014 PII renewal:   Read our 2015 Solicitors PII Report, and our PII Buyer's Guide.  Your Lockton broker can also assist you benchmark your firm's renewal against the market.
2. Update your practice details:  If you have had any significant staff changes over the year, the firm's fee income/source of fees has altered significantly, or you are considering an imminent merger for example, such changes could have implications for your renewal strategy.  Refresh your memory on what to intimate to insurers and when with our useful guide.
3. Review your claims:  Challenging the quantum of a claim should not be left until September.  If there are any complex or potentially costly open claims that need to be discussed with your insurer, flag that to your broker now.  This also gives you time to consider any risk management actions that you might wish to implement in advance of renewal.  A pro-active approach to managing claims can help differentiate your firm in the eyes of insurers.
4. Review your risk and compliance priorities: even if you have remained claims free over the last year, it is important not to stay still.  For example, insurers have paid out several £million in the first 6 months of this insurance year on client account Vishing frauds alone.  We anticipate that insurers will want to see evidence of how firms are responding to this risk.  That is something that firms need to address now.
5. Speak to your broker: developing a long-term relationship with your insurer is the goal, but in the same way that law firms change and evolve from year to year, so insurer appetites can change, and new markets emerge.  As one of the largest specialist PII brokers in the market with unparalleled access to the whole range of A-rated markets, we are ideally placed to advise you of the insurance markets best suited to your individual needs.

Next month we will provide you with

• an overview of the 2015 proposal form
• tips on how to present your firm to insurers

to help ensure that there are no surprises when it comes to completing your renewal submission this summer.

You can also attend one of our Preparing for Renewal seminars, being held across the country.  Visit our Events page to register.