In the blink of an eye we are in June already and the countdown to Solicitors PII renewal is well under way. As usual, some insurers are holding their cards close to their chest, however this is no reason to be ill prepared for the mêlée that is about to ensue.
What action have you taken so far?
At this juncture we have met with almost all of our solicitor clients to outline a road map for renewal 2014 and undertake a full claims analysis, which identifies trends and tracks estimates vs. payment over a 5 year period.
What does our roadmap look like you may ask?
It is really quite simple:-
June
- Complete your proposal form now, even if it a 2013 proposal form. You can always append supplementary information at a later date
- Make your proposal form legible, preferably typed with as much information completed as possible
- The dreaded “conveyancing questionnaire” and “work split” – the feedback we get is that this area of the proposal form is the biggest headache to complete. PLEASE PLEASE do not spend hours working this out to the nearest decimal point. Yes it is important information but it is supposed to summarise your practices position and is an estimate after all – do not let this drag the renewal process out
- Append an executive summary of your practice – focus on attitude to risk management and the client engagement process
- Append your last two years report and accounts – this is vital for underwriters these days due to strict rules surrounding cessation of practice and the abolition of the APR
July
- Most insurers will not release terms until after 1st July – the earlier you get your proposal form into them the earlier (in principle) you should receive renewal terms
- Negotiate renewal terms and seek alternatives were appropriate
August
- Present renewal terms to client
- Arrange payment options and settle to insurers
Ok, so this roadmap is an ideal world scenario, however there is no reason why most of the leg work cannot be undertaken now. We actively assist our clients with the proposal process if that is what they want, which can reduce hours of legwork for you.
So back to our original question – what action have you taken so far?
If the answer is nothing then you should be meeting with your broker as soon as possible to agree a strategy. You should have a clear picture of the markets you want to deal with and a realistic understanding of the possible outcome.
Whatever the 2014 season holds one thing is certain, Insurers will still want to deal with well managed firms who can demonstrate a positive approach to risk management and this is particularly true for firms with four or more partners.
With ProAktive’s assistance YOU get to choose YOUR Insurer. Don’t get into the situation where THEY choose YOU.