5 tips when renewing your Solicitors Professional Indemnity Insurance

5 tips when renewing your Solicitors Professional Indemnity Insurance

Solictor Professional Indemnity insurance

  1. Collect Information in advance: Firms should prepare well in advance of their renewal date to ensure that all relevant information has been disclosed to the Insurer. Request copies of your claims history from current insurers so it leaves you with time to shop around.
  2. Research the market: Make sure that you explore the PII market conditions as many insurers may have limited underwriting criteria, meaning that they can only quote for certain types of firms and may not be the right fit for your company i.e. Sole Practitioners.
  3. Disclose claims early and promptly: Your PI insurer must be notified of all previous claims and any outstanding claims as soon as possible.
  4. Submit your application early: Proposal forms should be submitted early to ensure it is accurately completed with all required documentation attached and to avoid any omissions that may happen if a proposal form had to be rushed.
  5. Follow up, accept & confirm cover: Follow up on the status of your application once it is submitted and respond promptly to any requests for further information or clarification from your insurance provider. Once you receive an acceptable quotation, you must confirm your decision to accept the quote before the offer expires. Confirmation of cover must be provided to the Law Society of Ireland and it is important to seek official confirmation from your insurer that your Professional Indemnity Insurance cover has commenced and meets agreed expectations.

 Proposal form checklist:

  • A lot of firms can have more than one trading name. You must ensure that you list all of these on your proposal form.
  • It is important to enter the correct fee income for your firm for each corresponding year.
  • Answer all questions unless they are not applicable to your firm.
  • If the proposal form requires additional information, you must securely attach this to your form and provide correct references where applicable.
  • Check that you have signed and dated the form. It is required that this is done by a Partner, Member or Director of the firm.
  • Eradicate spelling mistakes and ensure that figures are correct.
  • Proofread the form before submitting it to your broker. Many proposal forms are incomplete or contain errors which can slow the quotation process.
  • Always contact your broker if you have any queries.

If you would like to discuss your Professional Indemnity Insurance with us, please do not hesitate to get in touch with a member of our commercial team.