Insurance analysis spreadsheet—law firms

The following Practice Compliance precedent provides comprehensive and up to date legal information covering:

  • Insurance analysis spreadsheet—law firms

Insurance analysis spreadsheet—law firms

Click for the Precedent Insurance analysis spreadsheet.

This Precedent Insurance analysis spreadsheet is intended for law firms and is presented in Excel. It can be used to compare insurance products offered by a range of providers, taking account of factors such as the cost of the premium, nature and level of cover provided, relevant exclusions and omissions. It has been populated with two sample entries, which should be deleted.

As a general rule, law firms are not permitted to engage directly in insurance distribution activities, unless they are licensed by the FCA. However, law firms are permitted to engage in insurance distribution activities in the capacity of an ancillary insurance intermediary. This is most likely to be relevant to law firms engaging in conveyancing, personal injury or private client work, who arrange ancillary insurance such as defective title insurance, or after-the-event insurance for legal fees or a seven-year plan for inheritance tax. For more guidance, see Practice Note: Insurance distribution activities—law firms, sections: General prohibition on insurance distribution activities and Ancillary insurance intermediary activities.

Suitability of insurance product

You must ensure that an insurance contract proposed by your firm is consistent with the client’s demands and needs.

Popular documents