Lawcovernotes August 2017

Insurance Renewal As we draw to the end of another annual insurance renewal and look forward to a positive year ahead serving the profession, I thought I would focus on two significant outcomes from 2016/17. 2017 Policyholder rebate Most of our insured law practices will have received notification that Lawcover is paying a third policyholder rebate in September this year. Once again, the rebate has been made possible because fewer claims were made against insured law practices than expected. This has also meant we have been able to lower premiums for the majority of law practices over the last three years. Your contribution to this improved claims experience cannot be overstated. Claims have remained relatively stable, in both frequency and cost, in spite of a significant growth in the number of solicitors we insure. Since Lawcover commenced issuing professional indemnity insurance policies as a licensed and regulated insurer in 2004, those solicitor numbers have increased by nearly 70%and yet overall claim numbers have continued to decline in recent years. Analysis continues to provide compelling evidence that these results are the consequence of legal services delivered by competent and risk aware solicitors, assisted in their practice by the support of Lawcover through its risk management and claims prevention strategies. Customer Survey In the March 2017 edition of Lawcover notes , I mentioned the results of our Net Promoter Score © customer survey which was conducted last year. Lawcover received a very creditable +32 score in that survey and in this edition, on Page 17, we have provided some background and detail of the survey and the scores. Value is a key driver of what we do at Lawcover, because we are acutely aware that professional indemnity insurance is an essential part of your legal practice and it can represent a significant proportion of your practice expenses. Our dedicated team is made up of legal, insurance and finance professionals who are all focused on meeting, and where we can, exceeding your expectations. Contents In this edition, you will find a range of articles which I hope you will find both useful and informative. As well our usual collection of ‘cautionary tales’, on Page 3 Kerrie Lalich provides an interesting perspective on the changing nature of claims, which despite an overall decline in number, is showing some ‘hot spots’. An update on changes to the Home Building Act by Elissa Baxter and the new regime for foreign residents and investors buying Australian real estate by Simone Herbert-Lowe also provide important pointers. I will again draw your attention to Lawcover’s Risk Management Educat i on Program. P l ease click here to download a copy of the July to December 2017 program and register for any of our extensive range of activities which may assist you in your practice. Experience shows it works! Michael Halliday Chief Executive Officer Lvl 13, 383 Kent St, Sydney NSW 2000 Australia DX 13013 Sydney Market Street Telephone (02) 9264 8855 | Facsimile (02) 9264 8844 | Lawcover Pty Ltd | ABN 48 003 326 618 Lawcover Insurance Pty Ltd | ABN 15 095 082 509 Welcome to ourAugust 2017 edition of Lawcover notes . August 2017 edition 13 PDF VERSION