Lawcovernotes July 2018

Responding to your queries Thank you to the many insured solicitors who have responded to our recent customer feedback surveys. Included in the surveys are free- text areas for comments, a number of which have made observations about Lawcover, or are seeking more information about Lawcover; often on the subject of premiums and how Lawcover operates in practice. As a consequence, in this issue of Lawcovernotes we have provided a brief history of the company, some information about how we operate and what we have achieved in terms of moderating premiums for our insured law practices. I hope that you find the article of interest. Cyber incidents are a growing risk to law practices We have reported over the last twelve months that cyber crime is a growing issue for law practices in Australia. In our experience the two main areas of concern are ransomware attacks and email-enabled impersonation fraud. We address this growing area in the enclosed article. As part of our commitment to the profession, we will continue to provide updates, tips and information to raise awareness and preparedness by lawyers to mitigate this risk. In order to provide crisis response, or ‘first-party’ costs issues faced by law practices attacked by cyber criminals, Lawcover purchased a group cyber risk insurance policy to provide foundational cover for insured law practices. We have also provided reassurance to law practices following the highly publicised fraud involving a conveyancer in Victoria and use of the PEXA platform. 15th Australian Insurance Industry Awards We were pleased that Lawcover has recently been named a finalist for the 15th Australian Insurance Industry Awards in the category of Direct General Insurance Company of the Year. This is exciting recognition for the Lawcover team and acknowledges our commitment to supporting and protecting lawyers through: ^ ^ A broad, sustainable and affordable professional indemnity insurance policy ^ ^ Rigorous defence of unmeritorious claims ^ ^ Quick and fair compensation to consumers of legal services for legitimate claims ^ ^ Practice support and claims prevention education We look forward to joining our industry peers at the awards dinner on 30 August in celebrating the achievements of the industry and where the winners will be announced. In acknowledging the hard work and dedication of our outstanding Lawcover team, I have also noted the role the profession plays in our success. It is the work of the lawyers we insure which inspires us in setting and exceeding high performance standards to meet the needs of the legal profession we serve. 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 July 2018 edition of Lawcover notes . July 2018 edition 16 PDF VERSION