Lawcovernotes December 2017

It is difficult to believe that a year has passed since I last wished season’s greetings to all principals, solicitors and staff of our insured law practices. However I am pleased to do so again, on behalf of the entire Lawcover team. 2016/17 Annual Review In October we published the 2016/17 Annual Review of our performance and results. Those strong results for the year were again driven largely by better than anticipated claims outcomes arising from earlier years. The strong performance has led to the third policyholder rebate, which was paid to eligible insured law practices in September. As always, the policyholder rebate was well received by the recipients. As I have noted in the Annual Review, we are now seeing an alignment between developing claims experience from prior years and our forecasts, which lessens the likelihood of future policyholder rebates. However, this alignment together with our strong capital position, will help to provide certainty and stability in the cost of insurance into the future. The role of Lawcover is such that we are a part of the legal profession and as a consequence we have both the desire and the obligation to work efficiently and effectively on behalf of the profession. The entire Lawcover team was happy to receive a high Net Promoter Score © which represents our focus on our high standards of service. If you did not receive the email providing a link to the online version of the Annual Review, youmay wish to access a copy by clicking the link below or selecting the option to download a PDF version. If you would like a hardcopy of the Annual Review to be sent to you, please send an email to lawcover@lawcover.com.au with your request, details and your preferred mailing address. Cyber risk cover We have been in discussion with the Law Society of NSW and our professional advisers for some time considering how to tackle increasing cyber risk facing the legal profession. Cyber events causing disruption or loss can adversely impact a law practice (whatever its size), its clients and indirectly Lawcover. We have found a solution which is beneficial for all Lawcover insured law practices. Lawcover has purchased a group cyber risk insurance policy which will provide foundational cyber risk cover (to a limit of $50,000) from 1 January 2018. Importantly, there are no forms to complete and there is no additional cost to insured law practices. Adding value to the services we provide is always top of mind for the Lawcover team and we think this insurance solution is both practical and useful in the face of increasing cyber risk. I urge you to examine the details in this edition of Lawcovernotes and at Lawcover’s website lawcover.com.au I trust you will find the contents of this edition of interest and of value. 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@lawcover.com.au | lawcover.com.au Lawcover Pty Ltd | ABN 48 003 326 618 Lawcover Insurance Pty Ltd | ABN 15 095 082 509 Welcome to our December 2017 edition of Lawcover notes . December 2017 edition 14 PDF VERSION VIEW ONLINE DOWNLOAD PDF