The Law Society has announced that PII broker Aon will provide a professional indemnity insurance (PII) package to legal practices with the Law Society’s Conveyancing Quality Scheme or Lexcel quality marks.
CQS and Lexcel firms who use the service may have access to PII quotes that reflect their accreditation in time for this year’s renewals. Aon has exclusive access to insurers for firms with up to 10 partners.
Law Society President Lucy Scott-Moncrieff commented:
“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, if reflected in the firm’s claims record.
“For CQS and Lexcel firms this is an added benefit that could make a noticeable impact on premiums this year. There are clear advantages to having CQS and Lexcel and this is just one of them.”
Under the initiative, Aon has an exclusive arrangement with two of the largest A rated qualifying insurers for 1 to 10 partner firms. Firms with 11 or more partners are invited to apply but may be provided with quotes outside these exclusive arrangements.
Both insurers are prepared to look favourably on CQS and/or Lexcel firms as part of their usual underwriting process. Each firm will still be individually underwritten based on their risk profile and claims history.
Andrew Gough, Divisional Director at Aon’s Professional Services Group, added:
“Aon have always recognised the value of good Quality Assurance and Risk Management practices for law firms, with the Law Society quality marks as the benchmark. We have worked with our PI insurers to be able to give the special consideration to Lexcel and CQS accreditation, and are proud to be endorsed by The Law Society for CQS and Lexcel firms this year.”
This is the second year the Law Society has offered a package for Lexcel and CQS firms. Although this initiative is exclusive to CQS and Lexcel firms, the Society provides considerable support for all of its members in the PII renewal period, including the Practice Advice Service, PII Buyers’ Guide and Insurers’ Guide.
This year, the Society has also launched a composite proposal form for firms to complete one application to multiple insurers and brokers. Find out more about how the Law Society can help this renewal period here