Lawcovernotes February 2014

Lvl 12, 580 George St, Sydney NSW 2000 Australia DX 11527 Sydney Downtown 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 Welcome to our third edition of Lawcover notes . In this issue we again provide selected Cautionary notes from the archive which I hope you will find both relevant and useful. FEBRUARY 2014 EDITION 3 We also consider the looming deadlines for renewal of your law practice’s Professional Indemnity Insurance (PII) policy for 2014/15. Chief Operating Officer Kerrie Lalich introduces you to our restructured Insurance Services team and their new Manager, John Perosh who brings a wealth of customer service experience to Lawcover. We have expended considerable effort this year to make your insurance policy renewal more streamlined, easier and quicker. There are two key features to this as Kerrie explains: The introduction of Online Services for the forthcoming policy renewal Flexible and responsive insurance services aimed atmaking the renewal process as easy as possible for you Our Principal Underwriter, Catherine McKay, also draws attention in this issue to optional TopUp insurance for potential liabilities in excess of the primary layer of $2m. As a part of our Online Services, you will find Top Up insurance limit and pricing options easily accessible and competitive this year. The entire Lawcover team continues with our focus on cost drivers in claims and circumstances which may give rise to claims and our desire to put downward pressure on insurance premiums. Both affordability and sustainability are our key objectives. Our activities in this vein are specifically focused on: Analysingourdatatounderstandthecause(andconsequence) of claims and then working with the profession through our extensive Risk Management and Practice Support Services to reduce both their frequency and severity Analysing and carefully managing the associated cost of claims and working proactively to limit incurred costs and to reduce the duration of proceedings In this latter activity, I wish to acknowledge the support and assistance of our expert Legal Panel who haveworked closely and collaboratively with our Professional Services team to both understand the legal cost-drivers and to put pressure on containing and where possible reducing those costs. We do thiswhilemaintaining our exemplary standards of service and outcome in claims management. I am confident that this multi-pronged approach to cost containment, together with our focus on reducing claims while maintaining a rigorous prudential focus on capital management, will see increasingly positive outcomes for the profession in both affordability and sustainability of Professional Indemnity Insurance. Observing the recent trials and tribulations faced by the legal profession in England andWales in a relatively unfettered PI insurancemarket has only reinforcedmy long held view that the professional indemnity interests of the legal profession are best managed by the legal profession, albeit in these post HIH and GFC times through a profession owned licensed and regulated insurance company. Lawcover holds a unique position in Australia as the only legal profession owned licensed PII insurer and I am privileged to sit as its CEO. I will take this post-holiday opportunity to wish all of our law practices and practitioners a Happy andProsperousNewYear and reiterate my assurance that we will continue to work to the best of our ability in protecting and supporting the professional indemnity interests of our insured lawyers. Michael Halliday Chief Executive Officer