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Brokerage giant Marsh has something new for small and mid-sized law firms in England and Wales.
Described as the first of its kind, the offering will assist in managing critical professional indemnity (PI) risks by using analytics and independent performance data to model a law firm’s individual risk profile. Marsh said client law firms, in turn, will receive tailored pricing based on their risk management performance and claims histories.
Features include limits of liability up to £3 million provided by two insurers of at least an A rating from Moody’s, Fitch, and Standard & Poor’s; additional defence costs cover for disciplinary matters; dedicated face-to-face risk management support, as well as access to a 24-hour helpline for compliance officers for legal practice/finance and administration; and claims support.
“For many busy small and mid-sized legal practices operating in challenging business conditions, the costs associated with PI insurance can be particularly onerous,” explained Marsh’s John Kunzler, senior risk adviser for the law firms practice. “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.”
