Lawcovernotes July 2014

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 Welcome to our fourth edition of Lawcovernotes. It has been a busy fewmonths and in this edition we share some highlights in relation to this year’s insurance renewal, our Policyholder Rebate and of course, we include a selection of Cautionary Tales that I hope you will find both relevant and useful to your law practice. JULY 2014 EDITION 4 Insurance renewal We are now drawing to a close on the 2014/15 Professional Indemnity Insurance (PII) renewal. Our newOnline Services have been successful in providing most law practices with quick and easy renewal of their PII policy and have been overwhelmingly preferred, with some 95%of law practices electing to renew online rather than in paper form. I would like to thank those law practices that adopted Online Services this year and particularly those who have provided constructive feedback, which will assist us in making the process more effective in 2015/16. Policyholder Rebate All insured law practices have been informed of Lawcover’s Policyholder Rebate which is being launched later this year. The opportunity to offer the rebate has arisen primarily as a consequence of better than anticipated outcomes within our claims portfolio. We attribute much of this improved experience to our insured law practices’ employment of risk management and claims prevention strategies. A common theme in my talks around NSW over the last year has been how Lawcover and its insured law practices can work together to minimise the incidence and cost of claims - costs which can be defined in financial, reputational and personal ways. In 2013 Lawcover commissioned studies by actuarial consultants on the effectiveness of our risk management and claims prevention programs and the results were compelling. Evaluations and feedback from practitioners who attend our suite of programs and courses also provide evidence that they can assist in creating a more effective and less claims-prone practice environment. The 2014 Policyholder Rebate provides the financial evidence that risk management can work and if the trends continue then it is possible that premiums may reduce and Policyholder Rebates may continue to be made. I strongly recommend the programs and courses offered by our Practice Support Services team to all of our insured law practices. Armed with additional resources the team is making every effort to extend the availability of courses, seminars and workshops in more metropolitan, regional and rural areas and where practicable, is both willing and able to come to your law practice. Inside you will find a link to our June to December 2014 Program. Lawcover has moved We have now relocated from our George Street premises to new accommodation in Kent Street. The new premises are purpose built to provide amodern working environment that encourages efficiency in operations and consequently better service to our insured law practices. I take this opportunity to thank the many of our insured lawyers who have provided feedback to us over the year. You have been heard and the Lawcover team remains committed to providing our insured law practices with the highest standards of service together with the broadest level of insurance at a sustainable and affordable cost. Michael Halliday Chief Executive Officer CLICK HERE TO DOWNLOAD LAWCOVERNOTES AS PDF