The Law Society have announced that Conveyancing Quality Scheme (CQS) firms and those that have attained Lexcel accreditation will be offered exclusive access to “competitive Professional Indemnity Insurance (PII) quotes” for this year’s renewals.
The Law Society report that there are now over 600 CQS accredited firms that will most likely benefit from such a move.
The new offering is in association with Hera Indemnity, a leading PII broker, and will give firms the opportunity of reducing their premiums by providing competitive quotes from a panel of insurers who “recognise the value of both schemes”.
Des Hudson, Chief Executive of the Law Society said:
"There has been anecdotal evidence that Lexcel can reduce PII premiums for firms, and even though it is in its infancy some insurers are already discounting premiums for CQS firms.
It therefore makes sense that the Law Society capitalises on this trend on behalf of its members and provides a facility which explicitly acknowledges the advantages CQS and Lexcel provides to firms from a PII perspective.
CQS and Lexcel carry many benefits beyond the potential of reducing PII premiums. As well as reducing risk, they reflect high standards in law firm management. Equally, at the heart of both accreditations is client care. It is particularly encouraging to see that the insurance industry is so positive about CQS. This facility provides yet another benefit for the scheme.
It should be remembered that 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 PII Helpline.”
A Senior Consultant at Hera Indemnity, Nick Pointon, comments:
“We are delighted to have been selected to run the Lexcel and CQS facility and expect premiums to be extremely competitive for scheme members.”
It will be a relief to some that the Law Society say that both CQS and Lexcel firms will not be required to fill out more forms to get their quotation and can instead call the hotline on 0207 959 2499. More information can be found here for CQS firms or if you have Lexcel accreditation here.
While this must be welcome news for the firms who already hold these accreditations what of the firms that still await confirmation of their CQS accreditation. How will this affect their PII renewal opportunities?
If your firm is still waiting for accreditation Today’s Conveyancer would like to hear about your experience.
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