Calculating your premium involves four steps:
Calculating your premium involves four steps:
In most cases, a law practice’s gross fee income (GFI) for the last full financial year is used to calculate its base premium for the following year (other than for newly established law practices). Your base premium reflects the overall claims experience for law practices within your GFI range, as determined by Lawcover’s statistics.
Your base premium is then adjusted up or down depending on your law practice’s (including any prior practices) claims history.
Your base premium may be adjusted down depending on your law practice’s principals’ satisfactory attendance at Lawcover’s Risk Management Education Program (RMEP) or your law practice’s ISO 9001 – Quality Management Systems risk management certification.
Most law practices will have the option to select a higher excess instead of the standard excess, in return for a premium reduction.
The current premium discounts for participation in Lawcover’s Risk Management Education Program (RMEP) are set out in the table below.
For full details of the new RMEP program and discounts please click here.
RMEP Premium Discount | |
---|---|
3 x Principals Workshops | 7.5% |
5 x Principals Workshops | 10% |
Category | Discount | Conditions |
---|---|---|
ISO 9001 | 12.5% | Law practices are entitled to this premium discount if they are certified to this standard by 30 June 2020. A copy of the current certificate must be provided, confirming that certification will remain current for the following policy year. Please note that ISO 9001 discounts are NOT cumulative with the RMEP discounts. |
Criminal Law | 20% | For law practices whose Gross Fee Income for the prior year is exclusively derived from
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Please Note: