Marsh has launched a new insurance solution to assist small and mid-sized law firms in England and Wales in managing their professional indemnity (PI) risks.
Available exclusively to Marsh clients, the solution is the first of its kind to use analytics and independent performance data to model a law firm’s individual risk profile. As a result, law firms will receive tailored pricing based on their risk management performance and claims histories.
Developed to address critical PI risks such as conveyancing exposures and disciplinary matters, Marsh’s solution includes:
- Limits of liability up to £3million – meeting the Solicitors’ Regulation Authority minimum terms – are provided by two insurers of at least A rating from Moody’s, Fitch, and Standard & Poor’s.
- Additional defence costs cover for disciplinary matters (limits applicable).
- Dedicated face-to-face risk management support and access to a 24-hour helpline for Compliance Officers for Legal Practice/Finance and Administration (COLP/COFA).
- Claims support from Marsh’s team of technical experts and claims advocates.
John Kunzler, Senior Risk Adviser, Law Firms Practice, Marsh, explained: “For many busy small and mid-sized legal practices operating in challenging business conditions, the costs associated with PI insurance can be particularly onerous. Even those firms that have excellent claims records and robust risk management processes and systems in place can experience some difficulty in securing PI insurance at reasonable terms.
“By utilising analytics and independent statistical data, Marsh’s new PI solution enables insurers to offer our clients equitable cover based on their long-term performance. This cover, together with Marsh’s risk management and claims expertise, means that our clients can be confident that they are protecting their futures from unforeseen events.”