Lawcover issues two policies for law practices:
- A PII Policy issued to current law practices and sole practitioners in private practice;
- A Run Off PII Policy issued to the Law Society of NSW and the ACT Law Society, which covers law practices that have ceased and have not been succeeded by another practice.
The PII policy sets out the extent of the civil liability cover provided to both the current law practice and its current and former principals and employees, as well as those of a prior practice of the law practice. The terms, conditions and exclusions are written in plain English.
The PII policy responds to civil liability for claims that arise from legal services provided by the law practice that are first made during the period of insurance, subject to the terms, conditions and exclusions of the policy.
- Broad civil liability cover for practitioners in private legal practice which protects consumers of legal services.
- Cover available to all insurable law practices.
- Indemnity of up to $2 million each claim, including defence costs and claimant’s costs (excluding the applicable excess).
- No provision for avoidance or cancellation for reasons such as non-disclosure.
- Run off cover for former principals and employees.
- Run off cover for law practices that have previously ceased.
The Run Off policy covers a law practice (including its prior practices) that has ceased and that is not a prior practice of any other practice. This cover is only extended to law practices that, at the time of ceasing legal practice, were insured under any Certificate of Insurance arranged by Lawcover or Insurance policy underwritten by Lawcover Insurance.