Lawcovernotes August 2015

All 2014/15 Professional Indemnity Insurance (PII) policies expired on 30 June 2015. The vast majority of law practices are now insured under Lawcover’s new 2015/16 PII policy. As in prior years, most insured law practices finalised their insurance arrangements by 15 May 2015, at the same time as renewal of their 2015/16 practising certificate through the Law Society of New South Wales. However, there are still some law practices that haven’t finalised their insurance arrangements for 2015/16. The risks of leaving renewal of the PII policy and practising certificate until after the due date are not insignificant and include: That principals and solicitors in an uninsured law practice may be in breach of the Legal Profession Uniform Law (NSW). That everyone working in an uninsured law practice may be doing so without the protection of professional indemnity insurance. If a law practice is uninsured and a claim is notified, the practice is not covered for that claim. Lawcover may backdate a law practice’s Primary PII policy to 1 July 2015 once it has renewed. However if a law practice has an excess layer or Top Up insurance it may prove impossible to backdate that cover leaving the law practice exposed for awards and damages in excess of $2m. Our Online Services facility makes insurance renewal quick and easy. So if your law practice has not renewed already – don’t delay! Visit our website at lawcover.com.au and renew today. If you need help logging in or require any further assistance, please contact the Insurance Services team on 1800 650 748. Kerrie Lalich Chief Operations Officer Policy Renewal Has your law practice renewed the 2015/16 Professional Indemnity Insurance Policy? Feedback received from users of our Online Services “ It was straight forward and everything was completed in one transaction” “ I had no problems while using it. It was convenient, not time consuming and the quote came promptly” “It was great not to have to call someone at Lawcover to help me through the process this year”