At Vantage Professional Risks, we consider ourselves to be specialists when it comes to insurance for solicitors.
Since the Solicitors’ Indemnity Fund closed in 2000, solicitors have faced a very unsteady solicitors PI market place. With the availability of insurers changing from year to year, new insurers coming in and other insurers withdrawing, renewing professional indemnity insurance (PII) has been a pretty turbulent and stressful exercise for the legal profession.
In recent years, following the changes in the economy and insurers suffering extremely poor loss ratios, those insurers that have not withdrawn from the market completely are incredibly selective about the size of firm and types of risk they are prepared to insure. Broking PII for a solicitor’s practice is more involved than simply completing a proposal form and obtaining terms is very much a job for the specialist.
As a specialist you can rely on us to:
- Keep you appraised of developments in the Solicitors PI market.
- Provide advice around “best practice” and attaining the Lexcel quality mark via our qualified Lexcel consultants.
- Take the time to understand your practice.
- Work with you to put together a clear and concise presentation for insurers that represents your risk in the best possible light.
- Introduce you to the correct insurance partners for your firm.
- Deliver competitive premiums.
- Proactively handle your claims with insurers.
- Consider more than just your PI exposure.
- Always put your needs first.
Through our long standing relationships with the London PI insurers we have access to the open market so are not a limited to a set panel of insurers or a single insurance scheme. This means that regardless of your practice size, work split or claims experience we can provide you with impartial and independent advice that is bespoke to your needs.
We have also established strong working relationships with a number of law firms and specialist service providers who can provide additional services including training, compliance and strategic/operational risk management, all of which can reduce the risk you represent to prospective insurers which is reflected in the premiums you pay.
Zurich Professional produce bi-monthly risk updates which are aimed at the Solicitors profession. They are written by the head of risk at Zurich and cover topical and current issues faced by the profession.
These can be downloaded by clicking the link for the relevant month below: