Society agrees PII deal with Aon as AmTrust enters market
The Law Society has signed up PII broker Aon to provide professional indemnity insurance to members of its Conveyancing Quality Scheme and Lexcel quality marks.
The broker has an exclusive arrangement with two of the largest A-rated qualifying insurers, QBE and XL, for one-to-10 partner firms. Firms who use the service will have access to PII quotes that reflect their accreditation in time for this year’s renewal period.
Law Society president Lucy Scott-Moncrieff said: ‘PII renewal can be challenging and we are keen to help exploit every aspect of a firm’s risk profile to its advantage.
‘CQS and Lexcel represent reduced risk, effective practice management and a client care focus. This should give an advantage in the renewal process.’
One new entrant to the PII market this year is Elite Insurance, and market insiders expect more to follow. As the Gazette went to press it emerged that broker JLT has teamed with AmTrust Europe to launch a sole practitioners service. This service will provide a personalised quote, based on an assessment of each individual risk profile rather than a ‘rigid rating engine’.
Speaking to the Gazette for this week’s special feature on PII, Law Society chief executive Desmond Hudson was upbeat about solicitors being able to secure insurance on the open market. ‘The outlook for this year’s PII period is positive,’ said Hudson. ‘We expect to see new entrants, including rated insurers covering the smaller end of the market, which is encouraging as this segment has experienced difficulties in the past.’
This year, the Society has also launched a composite proposal form for firms to complete one application to multiple insurers and brokers.