Lawcovernotes December 2019

As another year draws to a close, it provides an opportunity to reflect on our activities, challenges and achievements during the year. For Lawcover, these are reflected in our 2019 Annual Review , which was released in November. 2019 Annual Review At Lawcover, we focus on both non- financial and financial performance, ensuring continuation of our strong financial position and meeting our purpose of providing broad, sustainable and affordable insurance protection to our insured law practices. Our performance metrics show that we have met or exceeded our objectives this year and we will continue to focus on more efficient ways of delivering value into the future. If you did not receive a copy our 2019 Annual Review you may wish to access a copy by clicking here . If you would prefer to receive a hardcopy of the Annual Review, please email lawcover@lawcover.com.au with your request, details and your preferred mailing address. Lower Premiums Keeping premiums affordable and sustainable isn’t just a focus at Lawcover, it’s a business goal. Due to the company’s strong financial position, we are pleased to introduce the Lawcover Sustainable Premium strategy, which is designed to deliver lower premiums on a sustainable basis into the foreseeable future. By using surplus earnings and a modest amount of surplus capital, this strategy will help to make premiums affordable and predictable on a year- to-year basis. It will also smooth any potential premium volatility arising from any unforeseen downturn or catastrophic claims cycles. The Sustainable Premium strategy will be effective at the 2020 renewal and is another way that Lawcover works towards creating value for law practices, which is an integral part of our mutual insurance ethos. Cyber Risk We cannot stress enough the risk that cyber attacks and business email compromise represent to law practices. Lawcover’s group cyber risk policy provides support after a cyber event occurs. However law practice employees and solicitors can act as a first line of defence . The cover provided by the group cyber policy and the support of the response team have proven very effective for those law practices unfortunate enough to have been caught by such an event. For guidance and tips on how you and your team can defend against cyber events, visit Lawcover’s cyber information page, view our recent Short Minutes video about fake emails, or visit our Risk on Air podcast page and listen to episode 10 Cyber risk - the facts. You may also assess you and your team’s cyber risk awareness by taking the Lawcover cyber risk assessment . Risk Online In this issue of Lawcovernotes, we introduce Lawcover’s new eLearning platform, Risk Online and its first course, Wills and Estates - Claims risks for solicitors . Risk Online is an extension of our Risk Management Education Program, and brings risk management and claims prevention education to solicitors wherever they are and whenever it is convenient for them. This issue also includes a number of articles which I hope you will find both interesting and useful. On behalf of the entire Lawcover team, I extend our best wishes to all principals, solicitors and staff at our insured law practices. This also extends to our numerous stakeholders who support Lawcover in achieving its aims and objectives. 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 2019 edition of Lawcovernotes. December 2019 edition 20 PDF VERSION Click here to view Lawcover’s Annual Review 2019 2019 2019 2019