Its that time of year again!
Professional Indemnity for Solicitors is always a hot topic at this time of year.
Traditionally all firms renewed on the Law Society scheme on 1st October, but since that scheme was broken up, at least 60% still renew on that date, with another chunk who chose 18 month policies, renewing on the 1st April and a smattering of new start-ups at other times.
This is a nightmare for firms and for the insurers.
Firms looking for alternative options to the existing provider are asking the limited number of underwriters not only to deal with their existing customers, but also prepare terms for the ones they don’t hold, all in the run up to 1st of October. In total there are over 600 firms.
The secret is to start early and I mean NOW!
That way we can approach insurers when they aren’t quite so busy with renewals. We can get a commitment to quote, which means if an existing broker then approaches them to “block off” that market, with a fake request for terms they can’t, because we already have commitment.
Also don’t fall for the option to “ONLY” consider a short declaration to get renewal terms. These short declarations do not hold enough information for alternate terms to be obtained. You’re just going to get the terms they want to give you, secure in the knowledge you’re not looking elsewhere.
It also means they don’t have to give claims experience to anyone else, because you signed a declaration to them. This is particularly prevalent at times when premiums are likely to reduce, like NOW!
If you want to get lower premiums work with a broker who works for fixed fees, or a % of the reduction achieved, and is not commission focused, with an interest in seeing your premium rise and their earnings with it.
Want to know how we can save up to 20% on your total spend?
Just message me here and don’t wait, there isn’t much time and the weeks are passing quickly.
Have a great week