Lawcovernotes July 2019

Cyber risk insurance renewed We are pleased to confirm that foundational cyber risk insurance of $50,000 is once again automatically available to all law practices currently holding a valid Lawcover professional indemnity insurance policy, at no additional cost and with no forms to complete. The period of insurance is 1 July 2019 to 30 June 2020. Since the introduction of this policy in January 2018, it has provided emergency assistance and ongoing security to many law practices which have found themselves disrupted, predominantly by a business email compromise or ransomware event. In most cases, simply following common sense precautions can provide effective protection and minimise the impact caused by cyber- attacks and the interruption and distress they cause. In this month’s edition, we have included useful cyber risk tips which can be downloaded from the Lawcover website , together with other information about the protection your group cyber risk policy provides. Insurance renewal The 2019 insurance renewal is drawing to a close with the vast majority of law practices having procured both their professional indemnity insurance policy and their Practising Certificates well in advance of the 30 June insurance expiry date. However, we are concerned that each year, a small number of practices leave renewing their insurance policy until after 30 June, thereby placing their practice in jeopardy. The Law Society of NSWwill not issue Practising Certificates to your law practice’s solicitors unless or until you have obtained approved professional indemnity insurance. Practising law without a valid Practising Certificate and accompanying professional indemnity insurance is a breach of the Legal Profession Uniform Law. Broad, sustainable and affordable insurance protection Maintaining the cover provided by your professional indemnity insurance as broad as possible, while also keeping premiums both sustainable and affordable is challenging. Therefore, it is with great pleasure that this year we have been able to pass on premium reductions for the vast majority of law practices (on a like-for-like basis) for the sixth consecutive year. We have been able to do this because the claims portfolio continues to perform favourably, despite significant growth in the number of solicitors covered by Lawcover each year. This is in part due to our proactive and effective claims management, and the excellent results achieved by our Practice Support Services team in assisting solicitors to improve their practice procedures, thereby reducing the risk of professional negligence claims. The efforts of the legal profession itself, in adopting sound risk management practices and professionalism is the important and other significant part of the equation. Our positive operating performance, together with our strong prudential position, underpins our ability to provide Lawcover’s broad, sustainable and affordable protection. 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 our July 2019 edition of Lawcover notes . July 2019 edition 19 PDF VERSION