The Good Risk Law Firm: The Comprehensive PI Insurance Toolkit

The Good Risk Law Firm: The Comprehensive PI Insurance Toolkit

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Description

Insuring law firms is a risky business - insurers will often pay back 80% of the premium paid by the practice in claims. This is one reason why the cost of securing professional indemnity insurance (PII) cover has spiralled in recent years, and why insurers' requirements are getting stricter. The report discusses recent changes within the PI insurance market that have had an impact on availability of cover and cost of premiums - including the failure of insurers in the market; the property boom pre-2008, which has led to an increase in claims and fraudulent transactions; and the subsequent economic downturn, which has raised questions over the financial stability of practices. The report outlines the factors which will affect the renewal process in 2014, and provides expert advice on developing a framework to ensure a law firm is prepared for the in-depth scrutiny of the insurance brokers they apply to. It also examines what the future holds for PI insurance.
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Product details

  • Paperback | 82 pages
  • London, United Kingdom
  • 1783581352
  • 9781783581351

Table of contents

Executive summary ...v About the authors ... vii Chapter 1: Introduction ... 1 Chapter 2: An introduction to PI insurance ... 3 Statutory provisions ...3 Early days ...3 Move to the open market ...3 Post-2000 arrangements ...4 Assigned risks pool ...4 Minimum terms and conditions ...5 Single renewal date ...8 Going forward ...9 Chapter 3: Claims ...11 What is a claim? ... 12 Consequences of under- reporting and late reporting of claims and circumstances ... 13 The nature of claims - What they look like and where they come from ...14 Why manage the risk? ... 19 How to manage the risk ...20 Summary ...22 Chapter 4: Complaints ... 25 What is a complaint? ...25 Trends ...26 Complaints handling ...27 Legal Ombudsman ...30 Good complaints handling ...32 Chapter 5: Your risk management framework ... 35 What are your obligations? ...35 How do you identify risks? ...36 How do you categorise risk? ...37 Putting together your framework ...38 What relevance has all this to PI insurance? ...40 Chapter 6: The importance of regulatory compliance ... 43 How the SRA Code of Conduct impacts upon your PI insurance and what you need to do to satisfy the regulator and your insurer ...44 Chapter 7: Quality standards ... 49 What does quality mean for lawyers? ...49 Quality standards and the legal profession - The history ...49 What quality standards are available? ...50 Do quality standards help with PI Insurance? ...52 Implementing a quality standard - Top tips ...53 Chapter 8: Practical steps to improve your prospects for the next renewal ... 55 Plan, plan, plan!...55 Your broker ...56 The proposal form ...57 Independent risk review ...59 Chapter 9: The future ...61 (Un)Rated insurers ...62 Removal of the common renewal date ...63 Scope of cover ...64 Other lawyers ...65 External factors ...66 The future ...67 Appendix 1: Sample risk register ...69 Appendix 2: Example risk management policy ... 71 Policy statement ...71 Responsibility for risk ...71 What is risk and how do we identify and assess it? ...72 Appendix 3: PI insurance renewal plan ...75 Example of key tasks ...7 How do you categorise risk? ...37 Putting together your framework ...38 What relevance has all this to PI insurance? ...40 Chapter 6: The importance of regulatory compliance ... 43 How the SRA Code of Conduct impacts upon your PI insurance and what you need to do to satisfy the regulator and your insurer ...44 Chapter 7: Quality standards ... 49 What does quality mean for lawyers? ...49 Quality standards and the legal profession - The history ...49 What quality standards are available? ...50 Do quality standards help with PI Insurance? ...52 Implementing a quality standard - Top tips ...53 Chapter 8: Practical steps to improve your prospects for the next renewal ... 55 Plan, plan, plan!...55 Your broker ...56 The proposal form ...57 Independent risk review ...59 Chapter 9: The future ...61 (Un)Rated insurers ...62 Removal of the common renewal date ...63 Scope of cover ...64 Other lawyers ...65 External factors ...66 The future ...67 Appendix 1: Sample risk register ...69 Appendix 2: Example risk management policy ... 71 Policy statement ...71 Responsibility for risk ...71 What is risk and how do we identify and assess it? ...72 Appendix 3: PI insurance renewal plan ...75 Example of key tasks ...75
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Author information

About Compl- i Compl- i is Weightmans LLP's consultancy service, providing expert advice on issues of regulatory compliance and risk management to law firms. The team offers a unique support service to help law firms respond to current regulatory challenges, tapping into expertise developed over many years working in the sector. The service is designed and delivered by experienced lawyers and risk and compliance specialists who understand the market, the issues, individuals' objectives, and the regulator. At the time of writing all of the authors were part of the Compl-i team. Michelle Garlick Michelle, a professional indemnity lawyer, is a partner at Weightmans LLP and leads the C ompl- i service. She is a w ell- known speaker on the legal circuit and has had a number of articles published in relevant legal media. She is a consultant for the Law Society's Risk and Compliance service, a committee member of, and contributor to, the Legal Compliance Bulletin, and the author of The COLP's Toolkit, published by The Law Society. She is also a council member of Manchester Law Society and chair of its regulatory affairs committee and COLP and COFA forum. Bhavni Shah Bhavni is a highly experienced consultant and trainer specialising in regulatory compliance, risk management, and quality assurance for legal practices. Her expertise in this area has led her to contribute articles in the legal press and present a number of seminars and training courses. Bhavni is also a Law Society Risk & Compliance Service Associated Consultant and an accredited Lexcel Consultant and Assessor. Before joining the SRA as regulatory manager, Bhavni was a consultant in Compl-i. Joanne Smith Joanne qualified as a solicitor in 2003, and has specialised in regulation and compliance since 2008. She delivers advice on risk registers, business continuity planning, outcomes- focused regulation, and the sale and purchase of WIP from distressed law firms. Adam Entwistle Adam is a compliance consultant with a track record of delivering successful alternative business structure (ABS) applications for clients. A law and management graduate, Adam has been advising lawyers on risk and compliance since 2011. In addition to his specialist expertise in ABSs, Adam provides a comprehensive portfolio of services including file audits, CPD training, and representation in disciplinary proceedings. Jennifer Haren Jennifer qualified as a solicitor in 2012. She is based within the Professional Risk Team at Weightmans LLP where she has gained experience of acting for lawyers in claims arising from a wide range of underlying subject matters, including personal injury litigation and property transactions. She provides bespoke consultancy advice on risk management issues and deals with outsourced complaints work and disciplinary investigations for lawyers.
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