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Financial Hardship

FINANCIAL HARDSHIP FOR LAW PRACTICES

The recent floods affecting the east coast of Australia and COVID-19 pandemic is creating serious financial challenges for many in the profession. Lawcover is here to help by offering our Financial Hardship Policy to those impacted practices.

1. What if I am experiencing financial hardship?

Lawcover can assist in offering our Financial Hardship Policy in meeting payment of your 2022/23 professional indemnity insurance premium (PII), prior to seeking renewal of annual practising certificates with the Law Society of NSW.

If your law practice has been impacted, we invite you to complete the 2022/23 Financial Hardship Application below and email it to  insuranceservices@lawcover.com.au immediately after you have completed your annual online PII renewal application.

When completing your online PII renewal application, please provide your best estimate only when declaring your gross fee income (GFI) for 2021/22 and your anticipated earnings for 2022/23. If you are unsure, please state as such and we will contact you to discuss your individual circumstances.

Upon receipt of your completed Financial Hardship Application and online PII renewal application we will contact you to discuss the options available.

2. Premium moderation

As part of the legal profession, Lawcover has consistently maintained a strong capital position to ensure we are able to support the profession in times of need. Therefore, a key priority has been to consider how we use our financial strength in a way that supports you, and your business, in the short-term, without compromising our ability to continue that support in the long-term. Due to the economic conditions arising from the pandemic, Lawcover has allocated a portion of capital to keep premiums lower than might otherwise be the case.

3. Payment options

While we continue to offer our normal range of payment options, we urge you to consider using one of the three premium funders available via our online renewal platform, or any other funder of your choice. This will help you manage your cashflow by making premium payments in instalments.

4. Risk Management Education Events

Practices from impacted regions who were unable to attend a risk management event will be offered a flexible cancellation policy which includes refunds for registrations paid. Please contact the Practice Support Services team on 02 9286 8877 or practicesupportservices@lawcover.com.au to discuss the options available to you.

5. Cyber risk

Lawcover has renewed the cyber cover for all insured law practices at no cost to you. Remote working for business potentially heightens the risk of a cyber intrusion/attack. The Lawcover group cyber policy provides foundational cover up to $50,000 each claim. Details are here.

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2022/23 Financial Hardship Application

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Help for Flood Affected Practices