Lawcovernotes March 2017

It’s time to renew In April you will receive information regarding renewal of the 2017/18 Lawcover professional indemnity insurance (PII) policy for your lawpractice. Youmust renew your PII policy in order to receive your 2017/18 Practising Certificate from the Law Society. The due date for renewal of your Practising Certificate is 15 May 2017. Follow these steps for seamless renewal of your PII policy: ^ ^ Access the secure log in details sent to your practice’s nominated contact person ^ ^ Go to Lawcover’s Online Services to complete the PII renewal for your practice ^ ^ Enter the information requested on the online application, generate a quote and finalise payment in one easy transaction It’s that simple! Optional Top Up insurance The Lawcover PII policy provides cover of up to $2m for each claim, including defence costs. Depending on the areas of law in which your practice operates and the size of your matters, you may need to consider a higher level of cover for protection against a large claim, or a number of related claims, whichmight exceed the $2m limit. Consider undertaking a careful risk assessment to determine the right level of cover for your practice. If you’re unsure, consult your financial adviser or insurance broker for help. If you would like a quote for cover above the $2m limit (and up to $20m in total) you can request a quote through Online Services, or contact the Insurance Services team on 1800 650 748. Penalties may apply if you practise without a PII policy Sections 211 and 212 of the Legal Professional Uniform Law state that a solicitor or incorporated legal practice must not engage in legal practise without an approved insurance policy. It is therefore important that you renew your PII at the same time as renewing your Practising Certificate. The Law Society is unable to issue a Practising Certificate to an insurable solicitor within a law practice unless it is satisfied that there is an approved insurance policy in force. Look out for Lawcover’s email in April advising that Online Services are open. 5.