Composite proposal form
In response to member feedback the Society has been working to introduce a common proposal for annual PII renewal. I am writing to seek your help by encouraging your constituents to ask their broker and/or insurer if they will accept the Law Society’s proposal form for the 2012 professional indemnity insurance (PII) renewal.
We are working towards widespread acceptance of the form across the insurance industry with the aim of making the renewal process less time-consuming for members by making it easier to obtain quotations from different insurers during the PII renewal process.
Although the insurance industry has yet to unanimously sign up to this approach, we consider that we have developed a composite form that has a sufficient degree of commonality that it should be broadly acceptable to qualifying insurers with minimal supplementary questions, if any.
Prior to using the Law Society proposal form, solicitors should check with brokers whether or not insurers will accept it. The Society has written to all qualifying insurers and major brokers within the solicitors’ PII market asking for an indication from them as to whether or not they will accept the form. As we receive these responses, we intend to maintain a list on our website and where members download the form:
If solicitors are intending to use multiple brokers, it is important that they are careful to ensure their proposal form is not sent to the same insurer twice as this could be counter-productive. The Society’s PII Buyers Guide http://www.lawsociety.org.uk/new/documents/practicesupport/pii-buyers-guide.pdf has tips about managing these relationships.
It is also important to remember that not all qualifying insurers provide cover to all sizes of firms. The Society will shortly publish its 2012 Insurers Guide which should assist in helping solicitors identify which insurers may be willing to provide their practice with a quotation this renewal.
All our guidance will be updated throughout the renewal. You can follow us on Twitter at LSRegAffairs or visit our website http://www.lawsociety.org.uk/practicesupport/regulation/pii.page to keep informed.
We have witnessed the power of the profession when it adopts a common theme and works to achieve it in our recent experience with HSBC. We should all remember that we welcome feedback from any of your constituents who use the form this renewal.
Chief Executive of the Law Society of England & Wales