Global re/insurance broker Marsh has launched a new insurance solution designed to help small and mid-sized law firms in England and Wales manage their professional indemnity (PI) risks.
Available exclusively to Marsh clients, the solution uses analytics and independent performance data to model a firm’s individual risk profile and provide tailored pricing based on risk management performance and claims history.
Marsh said it developed the solution to address PI risks such as conveyancing exposures and disciplinary matters, and has included limits of liability up to £3 million provided by two A-rated insurers.
Additionally, the solution includes extra defence costs cover for disciplinary matter, claims support from Marsh’s team of technical experts and claims advocates, and 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).
John Kunzler, Senior Risk Adviser, Law Firms Practice at Marsh, commented: “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,” he added. “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.”
