Edward Donne shares his experiences of the current PII Market
Edward Donne, Divisional Director within Howden’s Professional Indemnity division, affiliate members of the Conveyancing Association, who specialises in Licensed Conveyancer firms shares his experience of the current PII season along with his observations on how you might improve your position ahead of your next renewal.
2020 has proven to be an extremely challenging year, particularly for Licensed Conveyancers as it has been widely reported that premiums went up by 30-40 per cent or more. In these short, bite sized commentaries Edward Donne describes what is going on in the professional indemnity insurance market in 2020 and gives advice on how you can improve your position going forward.
What’s happened to the PII Market for Licensed Conveyancers?
For many firms who have already experienced the PI renewal process this year, it’s been an extremely challenging and frustrating time. 2020 has seen large increases in premiums, longer turnaround times and an increase in claims being made.
In this short clip, Edward summarises the reasons why the market is where it is right now.
What types of claims are we seeing and what are the problem areas?
By understanding the types of claims which are most prevalent you can view your own practices in order to highlight any potential weaknesses and take steps to mitigate against the chances of a claim being brought against you.
During this soundbite, Edward takes you through the most common types of claim.
What do underwriters look for in an ideal firm?
When it comes to underwriting a PII policy, underwriters take into account a whole myriad of factors. The closer a firm is their ‘ideal risk profile’, the better the terms are likely to be.
Here Edward outlines the key considerations to be aware of.