A detailed knowledge of the Lexcel standard and how this is integrated with a comprehensive professional guilt risk management plan is useful in helping
professional indemnity insurance facilities for Lexcel commissioned practices.
Upward stress on premiums is obvious due to factors such as general claims trends, insurer sensitivity to property market exposures and the general economic environment. in order to achieve this it's critical to work with the right confidant and to adopt a collaborative approach. The choice of professional indemnity insurance adviser should be based on their experience, expertise and capabilities and is a critical call that's separate to the choice of insurer.
The main areas enticing insurer's attention this year are conveyancing, mortgage fraud and claims management company work. The problem faced by smaller firms due to the contraction of the market is ready to continue.
the feeling in the market is that claims are increasing, both re number and overall quantum - access to a professional indemnity insurance broker who has solidly demonstrated a high level of support and proactive claims management service is now of larger price than at any time in the post-SIF era.
several commentators are thinking about double digit % increases in Premium, both this year and next for the majority of firms.
One new qualifying insurer, Allianz, has entered the market. We are also mindful of one insurer who is 'credit scoring' insureds this year.
Challenging times lie ahead for the legal profession as the results of the industrial recession continue, claims activity increases and competition in the legal services marketplace intensifies. The management of risk, not just professional but across all activities and reassurance from a
professional indemnity insurance policy has never been more important.
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