Preparing a risk management submission for your PII renewal presentation
Produced in partnership with Lockton Companies insurance brokers
Preparing a risk management submission for your PII renewal presentation

The following Practice Compliance guidance note Produced in partnership with Lockton Companies insurance brokers provides comprehensive and up to date legal information covering:

  • Preparing a risk management submission for your PII renewal presentation
  • Should you include a risk management submission?
  • Contents
  • Executive summary
  • Overview
  • Risk overview
  • Merger/acquisitions/other major changes
  • Claims
  • Governance, systems and procedures
  • People
  • more

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.

Should you include a risk management submission?

You should consider including a risk management submission in your renewal presentation if your practice:

  1. has a poor or worse than average claims experience (in terms of number and/or value of claims)

  2. has recently undergone or is about to undergo a restructure or merger

  3. has changed risk profile lately, eg addition of new practice areas, significantly increased fee income or other major changes

  4. has been subject to regulatory investigation

  5. is considering moving to another insurer, or

  6. has never or not recently provided a risk management submission and your broker advises that it would assist with renewal negotiations

  7. is in a ‘high risk category’—you are likely to