As the 30th September approaches and firms are thinking about renewal of their Professional Indemnity Insurance we at St Giles are often asked what firms can do to save time in completion of their proposal form and improve their profile. It goes without saying that firms who do low risk work and have no claims are always sought after by insurers but at St Giles we have always represented a high proportion of conveyancing practices where Insurers deem the work high risk and there are a higher occurrence of claims.
So what can a firm do to minimise risk? There is only so much that can be contained within a proposal form and at this time of year Insurers are looking at numerous forms all of which will contain similar responses to the questions relating to risk management.
We believe that proactive risk management should be an integral part of a firms day to day business. We appreciate however that time is limited and fee earners are under growing pressure to reach targets. Although many firms do handle compliance internally , and do so very well , we believe that sometimes involving a third party can be beneficial and removes some of the stress.
So how does this help with a firms PI renewal? We are delighted to announce an exclusive arrangement between St Giles and Legal Eye which will not only simplify the renewal process but will also assist the firm in the manner in which it is portrayed to Insurers.
If you send to St Giles your 2013 completed proposal form a 2014 version will be pre populated so all the firm needs to do is update the information reducing the time spent on this process. On receipt of the form Legal Eye will be instructed to carry out a free compliance overview to include amongst other things a review of your client care letter, terms of business, website, estimate of fees and disbursements, Anti money laundering policy and equality and diversity policy. The overview will then form part of the presentation that St Giles will make to your Insurer which will evidence the fact that you as a firm are risk averse and will make you an attractive proposal to Insurers .