Selecting your PI broker

26 June 2019

We understand the need to balance the demands of a busy legal practice with the importance of finding the right insurance protection. As conditions change within the Solicitors Professional Indemnity market, the ability of your broker to find solutions; navigate market conditions, keep you updated with changes in attitudes and ultimately help you contain your costs cannot be underestimated.

We understand the need to balance the demands of a busy legal practice with the importance of finding the right insurance protection. As conditions change within the Solicitors Professional Indemnity market, the ability of your broker to find solutions; navigate market conditions, keep you updated with changes in attitudes and ultimately help you contain your costs cannot be underestimated.

As all Participating Insurers meet the Minimum Terms Conditions (MTC) wording requirements of the (Solicitors Regulatory Authority),SRA, the cost of the cover can become the overriding selection criteria. That said, the services provided by a broker should not be overlooked as it can make a real difference in terms of the premium you pay and the outcome of claims.

So, what factors might you want to consider when selecting a broker to provide you with quotes?

Market Access

A good starting point would be to ask from which insurance companies the broker offers quotes. Do they have exclusive access to any insurers? Can they provide quotes from multiple companies if needed? Are they negotiating directly with underwriters or passing your proposal form through a chain of other brokers? How will they show you that their quotes are competitive and what will they do if there is a problem?

Law firm focus

To represent you effectively, your broker needs to understand your business including issues you have faced historically; how you overcame past challenges and plans and projects you are working on at the moment. Their ability to fact find, talk to you about the potential barriers you might face and then the identification of suitable insurers can ultimately save you time and improve the effectiveness of a marketing exercise.

For firms buying significant limits of indemnity, there are potential options around the structure of the top up policies you buy but care must be taken to ensure that the policy wording works correctly. Again, this requires an understanding of what can go wrong and how to avoid problems.

Away from the renewal cycle, claims handling and advocacy, data analytics, claims trends and risk management support or training can add real value to the proposition and support the work of your own management team.

Marsh JLT Specialty operates as one of the leading law firm practices in the London insurance market for large international firms. Our team has built up a long-term and loyal following of law firms that value our knowledge, capabilities, positive attitude and ability to deliver the right solutions.

  • TALK TO AN EXPERT

  • YOU MAY ALSO BE INTERESTED IN

  • Mike PerryMike Perry

    Mike has over 25 years’ experience specialising in professional indemnity and related placements for professional service firms. His responsibilities include account management; risk profiling, product development, programme design and placement for our major UK based and international clients. Before joining JLT in 2011, Mike was at Aon for 22 years servicing and placing the professional indemnity insurance of all types of professional service firms. Following the demise of SIF in 2000, Mike was also instrumental in establishing and operating Aon's scheme for smaller law firms.

    If you would like to talk about any of the issues raised in this article, please contact Mike Perry, Head of UK Professions on +44 (0)20 7528 4344