Solicitors top-up season

June is fast approaching and it’s a big month in the insurance industry for law firms, especially around professional indemnity.

At London Australia Underwriting (LAUW) we have been insuring Solicitors for more than a decade and 2019 is no exception.

LAUW have a range of insurance products specifically design for law firms:

 

Partnership protection management liability (PPML)

Many law firms, although not incorporated within the meaning of the Corporations Law, have adopted “corporation style” management structures.

Adopting that structure may expose the firm, individual partners, and “non-partner” individuals responsible for running the firm, to claims arising from managing the firm.

There are significant weaknesses in generally available insurance:

● Directors & officers’ liability insurance can be purchased only for incorporated service and administration companies.
An indemnity provided by the firm to a partnership board member is not insured.
EPL insurance generally does not extend to provide cover to partners.

Recognising those weaknesses, partnership protection was developed to provide meaningful cover for partnerships, including those with corporation-style management structures.

Please contact us for more information.

 

Professional indemnity – excess of loss

Professional indemnity is a compulsory insurance requirement for Australian law firms.
LAUW can offer up to $20m capacity with a minimum attachment point of $10m at competitive rates.

Please contact us for more information.

 

Cyber

LAUW have been providing Cyber insurance solutions to law firms since 2014 and have first-hand claims experience. The main breaches we come across are through ransomware attacks and business emails being compromised. Both these breaches are just the starting point of a Cyber policy, as they tend to lead to business interruption claims.

At LAUW we have had great success in dealing with these matters on a quick and timely manner due to our 1800 BREACH (273224), monitored 24/07 and connect directly to our dedicated Incident Response Team (IRT).

Please contact us for more information.