The following Practice Compliance guidance note Produced in partnership with Lockton Companies insurance brokers provides comprehensive and up to date legal information covering:
Completing a Professional Indemnity Insurance (PII) proposal form is a time consuming task, and involves the collation of a significant body of information about your firm.
On its own, however, it does not always provide a sufficient platform for you to adequately present your firm to the market. When you consider the cost of your PII is frequently one of your single largest outlays, you will appreciate that there are circumstances where putting together a very strong presentation to insurers can more than repay the investment in time.
This Practice Note discusses whether you should consider including a risk management submission in your renewal presentation and the likely contents.
You should consider including a risk management submission in your renewal presentation if your practice:
has a poor or worse than average claims experience (in terms of number and/or value of claims)
has recently undergone or is about to undergo a restructure or merger
has changed risk profile lately, eg addition of new practice areas, significantly increased fee income or other major changes
has been subject to regulatory investigation
is considering moving to another insurer, or
has never or not recently provided a risk management submission and your broker advises that it would assist with renewal negotiations
is in a ‘high risk category’—you are likely to
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