PI Protect launches new Solicitors' Management Liability policy.
29 August 2012
PI Protect is pleased to announce the launch of a new product to meet the needs of UK based Solicitors who face ever increasing Management Liability exposures.
SRA – Introduction of the roles of COLP and COFA
As part of the Solicitors Regulatory Authority's recent introduction of outcomes-focused regulation, all Solicitors firms who are recognised and licensed bodies must nominate a compliance officer for legal practice (COLP) and a compliance officer for finance and administration (COFA), who will start to fulfil their responsibilities in late 2012.
This has thrown into sharp relief the need for Solicitors to protect themselves, their partners and employees against the sorts of Management Liability exposures that the Directors' and Officers' of companies have been insuring against for many years.
Real protection for personal assets
We believe that our Solicitors Management Liability policy is competitively priced because we have provided coverage that is really pertinent and necessary for partners, members, directors and COLPs and COFAs. It is their personal assets the policy is seeking to protect.
Our policy coverage is not compromised or potentially exhausted by providing indemnity to the partnership or firm itself, nor does it cover more adverse risks such as Employment Practice Liability which typically attract higher claims frequency.
Who is covered?
partners, members, directors, employees who are nominated as COLPs or COFAs, and employees in a managerial or supervisory capacity
the partnership/firm itself should it have to reimburse a partner, member, director or employee
What is covered?
Wrongful Acts committed in the course of running the partnership/firm, such as breach of duty, breach of trust, breach of warranty of authority, neglect, error, misstatement, misleading statement, libel, slander or defamation
Investigation Costs incurred at an official examination, enquiry, investigation or other proceeding by regulators or others legally empowered to investigate the firm's affairs, i.e. the SRA, Law Society, Information Commissioner or Health & Safety Executive
Defence Costs, the legal costs to defend an insured person in the event of a management liability claim being brought against them
Who should consider buying Solicitors Management Liability insurance?
- sole practitioners
- Limited Liability Partnerships
- Legal Disciplinary Practices
- Limited companies
- Alternative Business Structures
- Our policies are backed by the security and reliability of Lloyd's
We underwrite on behalf of Barbican Syndicate 1955 at Lloyd’s. Barbican provides a secure and stable platform for our business in the future. In today’s climate of economic uncertainty we and our policyholders can take comfort from Lloyd’s A+ ratings from Fitch and Standard & Poor’s, and an A rating from A.M. Best.
Lloyd’s is one of the world’s best known insurance brands, and is widely recognised as being an innovative and diverse insurance market. It operates in more than 200 countries and territories worldwide - and today has an increasingly visible presence and desire to do business in the UK regions.
Copies of the application form, policy wording and policy wording summary can be found on our recently re-launched web site www.piprotect.com
Should you wish to discuss any aspect of this exciting development please contact:
William Hall or Wes Barker on 0161 237 7749