Lawcovernotes March 2019

2019/20Renewal of your PII policy 3. A quick reference guide for your PII renewal this April In early April we will send information regarding renewal of the Lawcover professional indemnity insurance (PII) policy for your law practice. You must renew your law practice’s PII policy before the Law Society can release your 2019/20 Practising Certificate. The due date for renewal of your Practising Certificate is 15 May 2019. Steps to guide you: ^ ^ Your practice’s nominated contact person will receive an email when renewal is open ^ ^ Complete the online application at lawcover.com.au ^ ^ Generate an instant renewal quote ^ ^ Where an instant quote is not available, we will contact you to help ^ ^ Once payment is received, we will email a tax invoice and your policy documents. Do you need Top Up insurance? It’s important that you determine the right level of cover for your practice. As you know, the PII policy provides cover up to $2 million for each claim, including defence costs. Depending on the areas of law in which your practice operates and the size of your matters, you may need to consider a higher level of cover to afford protection in the event of a large claim, or a number of related claims, which might exceed the $2 million limit. If you would like a quote for cover above the $2 million limit (and up to $20 million in total) you can view the Top Up quote options provided online when renewing your PII policy, or contact the Insurance Services team on 1800 650 748 if you would like quotes for alternative limits. Don’t delay renewal! Each year some law practices fail to renew before the expiry of their PII policy. Sections 211 and 212 of the Legal Professional Uniform Law 2015 (NSW) (LPUL) state that you must not engage in legal practice without a current PII policy. The penalty for practising without insurance is 100 penalty points. Automatic cover for cyber risks - ensuring your practice is protected When you renew your PII policy, your practice will automatically benefit from continued cover under the group Cyber Risk insurance policy. If you renew your PII policy after it expires on 1 July 2019, your practice loses the benefit of the continuous cover under the group Cyber Risk policy. This could leave your practice exposed to cyber risks such as electronic business interruption and extortion. Kerrie Lalich Chief Operations Officer