New broker to manage PI Insurance scheme for conveyancing body
Prime Professions, specialist professional indemnity insurance broker, is to take over responsibility for managing the Master Policy Scheme run by the Council for Licensed Conveyancers (CLC).
2011-08-27 05:08:21 Categories: Brokers Pii UK by VC

New appointment to develop Jelf’s Professional Indemnity proposition
As part of its plan to make a bigger impact in the affinities market, Jelf Insurance Brokers’ professional indemnity division has appointed a new director – Jonathan Bogan. (2012) As reported on insurer.insurance-business-review.com, Jonathan’s background in building partnerships and his expert knowledge of professional indemnity insurance seem like just the right qualifications to establishing new affiliations for Jelf
2011-08-26 06:08:52 Categories: Affinities market by VC

Agricultural advisers warned that recommending off-label pesticide use could ..
It seems there is a small but growing trend amongst Australian farmers to use certain pesticides for purposes they weren’t designed for. According to farmonline.com.au, there has been a particular increase this year in the use of insecticides to deal with mice.
2011-08-26 05:08:14 Categories: Farmer Insurance by VC

Fresh approach to support servicing leads to Professional Indemnity Insurance
The Devon-based IFA firm Loughtons has changed its support service provider having decided that they needed a more bespoke approach as their business continues to grow. And sometimes one change leads to another.
2011-08-23 05:08:09 Categories: Devon-based IFA firm by VC

‘Exclusive’ Indemnity Insurance deals for solicitors
Insurance broking giant, Marsh, are offering two insurance deals to small solicitors’ firms, one for those with two to three partners and one for those with four to ten.
2011-08-22 11:08:40 Categories: Exclusive offers by VC

Thinking of using a house-sitting agency? Check they have PI Insurance
That’s the advice offered in an article posted on independent.co.uk that looks at the advantages of hiring a house-sitter when you go away – pets can be looked after, gardens can be tended, and squatters are unlikely to move in!
2011-08-18 05:08:14 Categories: Thinking of using a house-sitting agency? by VC

Justice in Financial Services
Campaigning organisation Justice in Financial Services has pointed out what it believes to be a potential conflict of interest in law firm Regulatory Legal dealing with cases arising from the suspended Arch Cru funds.
2011-08-17 06:08:51 Categories: Justice in Financial Services by VC

Passing off personal loans as business loans
According to a report on moneymanagement.com.au, certain smaller lenders in Australia have been exploiting loopholes in the regulations to get around the requirements of the National Consumer Protection (NCCP) Act. And one of the tactics they’ve been adopting has involved obtaining accountants’ declarations that specific loans were intended for business purposes even though that wasn’t the case.
2011-08-16 09:08:54 Categories: Passing off personal loans by VC

New Finlaysons appointment 2013
The current President of the Law Society of South Australia, Ralph Bonig, has been appointed as a Special Counsel by Finlaysons. Bonig’s extensive background, encompassing both insurance and the law, ranges from industrial relations litigation to professional indemnity insurance.
2011-08-10 05:08:40 Categories: New Finlaysons appointment 2013 by VC

Is the solicitors’ pii market really in very good shape in the new year
At a time when it seems as though everyone is predicting doom and gloom for the solicitors’ professional indemnity insurance market, here comes an alternative view from Sandra Neilson-Moore, a PII Practice Leader at Marsh.
2011-08-09 05:08:16 Categories: Is the solicitors’ pii market ...2013 by VC

Law firms advised to deal with unresolved claims ahead of renewal date
P B Curran, an independent broker based in North Yorkshire, is warning law firms to seek advice and, if at all possible, close down any unresolved claims against them before the October renewal date.
2011-08-08 06:08:01 Categories: Renewals cause problems for solicitors by VC

Advisers asked to check their policy Wording
As reported on moneymarketing.co.uk, Howden Insurance Brokers have some strong advice for all financial advisers – make sure you check your professional indemnity insurance policy in advance of the increase in the Financial Ombudsman Service’s award limit to £150,000.
2011-08-06 06:08:40 Categories: Policy Wording changes ahead of 2012 - 2013 by VC

‘Green’ design raises new Indemnity risks
In recent years, what has become known as ‘green’ design and construction has captured the attention of governments and the public alike. But they have also created new professional indemnity insurance challenges, largely as a result of the use of new technologies and materials that have not yet been tested over time.
2011-08-05 05:08:44 Categories: New Indemnity risks by VC

Alterra adds pi to its Lloyd’s underwriting capability
Alterra has announced that its wholly owned Lloyd’s syndicate is to start underwriting both marine and professional indemnity insurance. And in support of this move, designed to strengthen its position at Lloyds and enhance its global operations in these two specialist areas, Alterra has also announced a number of key new appointments.
2011-08-04 05:08:43 Categories: Lloyd’s underwriting capability by VC

Beach party organisers go ahead without Public Liability Insurance
Thousands of people turned up for a free concert on Broome’s Cable Beach which had been organised to highlight environmental and cultural threats to the area. But it seems the event was organised without the permission of the authorities responsible for controlling the beach. Moreover, as reported, the organisers had also failed to take out any public liability.
2011-08-03 07:08:35 Categories: Public Liability Insurance by VC

Dog walkers strongly advised to take out insurance
According to an article on money.uk.msn.com, there’s a lot to be said for taking up dog walking professionally. You can earn £10 - £15 per dog, per hour. You’ll get plenty of exercise. And, apparently, it’s a good way to meet a new partner!
2011-08-02 06:08:41 Categories: Public Liability by VC

Government urged to cover any shortfall in financial advisers liability
Law firm Maurice Blackburn is urging the federal government to provide backstop cover for clients who lose out at the hands of financial advisers that have failed to maintain adequate professional indemnity insurance.
2005-01-03 03:01:42 Categories: Financial advisers liability by VC

Contractors may face a risk exposure
In an article written by Wragge & Co. Associate, Louise Smith, an interesting point is raised regarding the definition of a contractor’s responsibilities for the design element of a project, and the insurance implications that can arise from that.
2005-01-02 03:01:06 Categories: Contractors risk exposure (UK) by VC

Will the RDR push up premiums for IFAs?
There appears to be a general uncertainty about how the Retail Distribution Review (RDR) will work out in practice. Which of the four anticipated categories will financial advisers find themselves placed in? Will professional liability insurers apply different premium rates to each category?
2005-01-01 04:01:17 Categories: Premiums for IFAs? by VC

Financial advisers handling SMSFs
An article posted on investordaily.com.au recently conveyed some cautionary advice for financial advisers, accountants and similar professionals dealing with self-managed superannuation funds (SMSFs) on behalf of their clients.
2011-07-27 10:07:00 Categories: Indemnity Insurance by VC

UK Insurance industry still finding its way around renewa
How do you go about insuring a renewable energy project? What risks need to be covered and how are insurers going to assess them? It’s hardly surprising that the insurance market is still finding its way around an industry that is characterised by new technologies and new economic models.
2011-07-26 06:07:38 Categories: UK insurance industry by VC

New bedbug Indemnity Insurance policies exclusions
Believe it or not, not one but two leading insurance companies - Aon and Willis - have launched new products in the US designed to cover the insured against dealing with bedbugs.
2011-07-25 05:07:07 Categories: Policy exclusions by VC

Could cost of Public Liability Insurance threaten future of rally
Back in 2002, Alex Langsam, founder of Britannia Hotels, sued the accountancy firm Hacker Young on the grounds that their failure to advise him of his entitlement to non-domicile status constituted negligence. But, as reported on legalweek.com, when Mr Langsam only received a £1m settlement, in 2006, he decided that his law firm, Beachcroft, must also have acted negligently because he believed he was entitled to a much higher settlement.
2011-07-22 07:07:51 Categories: Rising costs by VC

A tale of ‘win some, lose some’ for UK Insurers
Back in 2002, Alex Langsam, founder of Britannia Hotels, sued the accountancy firm Hacker Young on the grounds that their failure to advise him of his entitlement to non-domicile status constituted negligence. But, as reported on legalweek.com, when Mr Langsam only received a £1m settlement, in 2006, he decided that his law firm, Beachcroft, must also have acted negligently because he believed he was entitled to a much higher settlement.
2011-07-21 08:07:01 Categories: Win some lose some by VC

Not a good time to let your Indemnity Insurance lapse
There’s clear advice to independent financial advisers (IFAs) from DG Law in a recent post on compliancy-services.co.uk. Despite the obvious temptation, in difficult economic circumstances, to save money by not renewing a professional indemnity insurance policy, it could easily turn out to be anything but a saving.
2011-07-20 07:07:05 Categories: Indemnity Insurance lapse by VC

Business Insurance unlikely to cover the bulk of farmers’ losses
The outbreak of E.coli in Germany has brought financial devastation to the local producers of fresh food. But according to a report on businessinsurance.com, it seems unlikely that they will be able recover the bulk of their losses from insurance.
2011-07-19 06:07:04 Categories: Business insurance for farmers losses by VC

Will new software lead to lower PI Insurance premiums for valuers?
Software firm Quest is developing a new Windows-based system that will enable surveyors to complete property valuations in full using a tablet computer on-site.
2011-07-18 06:07:45 Categories: Premiums for valuers? by VC

New entrants to solicitors’ PII Insurance market deterred by failure to reform
The woes of the solicitors’ professional indemnity insurance market have been much talked about and written about. And one of the concerns frequently raised is the fact that insurers leaving the market are not being replaced by new entrants.
2011-07-16 07:07:42 Categories: Failure to reform by VC

Cost of Public Liability Insurance could threaten one-off events
According to a story in the Leatherhead Advertiser, reported on thisissurreytoday.co.uk, village community groups in the Mole Valley area are growing concerned that the holding of one-off events may be threatened by the cost of the required public liability insurance.
2011-07-15 06:07:43 Categories: Insurance cost and one off events in the UK by VC

Wheelchair user needs public-liability insurance to continue protest
Wheelchair user Chris Kift’s campaign to make Brighton a safer place for wheelchair and mobility scooter users came to an abrupt end the other day when security guards at the Churchill Square shopping centre threatened to call the police if he didn’t stop.
2011-07-14 11:07:03 Categories: Disability rights by VC

Suspicions of fraud can raise confidentiality problems for insurers
There’s no simple answer to the problem. But a recent court case - Travelers Insurance Company Ltd v Countrywide Surveyors Ltd - highlighted the issues that a professional indemnity insurer can face if there’s a suspicion of dishonesty. How can the insurer’s need to conduct a thorough
2011-07-13 07:07:55 Categories: Confidentiality problems for insurers by VC

Concerns over building inspectors operating unprofessionally
Professional Indemnity Insurance, Australia: In the midst of a debate in Australia over the question of building and pest inspections - should they be the responsibility of prospective purchasers as now or should vendors be legally required to undertake them
2011-07-08 06:07:54 Categories: Inspectors operating unprofessionally by VC

Auditing body raises concerns that insurance can work against one
As reported on inaudit.com, the Association of Chartered Certified Accountants believes there needs to be a reform of the way in which audit liability operates. In part this is a response to the criticism that the profession received in the wake of the 2008 financial crisis. But there is a bigger point here. As ACCA points out, its members are keen to respond to the full range of their stakeholders’ needs
2011-07-05 07:07:33 Categories: Audit liability by VC

Signs of development in Kenya’s insurance market?
In the world’s developed economies, we’re used to the idea that professionals from just about every discipline should protect themselves and their clients by taking out professional indemnity insurance. But in the developing world, the practice is far less embedded in their business culture. However, there are signs of a growing awareness of the importance of PI.
2011-06-30 07:06:11 Categories: Kenya’s insurance market? by VC

PI Insurance problems continue for Ireland’s solicitors
The travails of the Solicitors Mutual Defence Fund (SMDF) are only adding to the problems affecting the solicitors’ professional indemnity insurance market in Ireland. And if you take a look at their website, it’s hard to miss the irony in the SMDF’s continuing
2011-06-29 10:06:18 Categories: Ireland’s solicitors by VC

Reform of the German legal profession
Something of a struggle is developing within the German legal profession between firms who have been embracing the English LLP model and those who are keen to retain Germany’s traditional partnership-based legal structure.
2011-06-25 10:06:55 Categories: German legal profession by VC

Professional indemnity insurance cited as factor in GP’s emigration
According to a report in pulsetoday.co.uk, there has been a noticeable rise this year in the number of GPs considering emigration. A number of different reasons have been cited for this trend, including a drop in partners’ incomes, proposed changes to NHS pensions and GP commissioning plans.
2011-06-24 12:06:48 Categories: GP’s emigration by VC

Fee for registering your Manx property as Homestay accommodation
The Isle of Man attracts thousands of visitors each year for its famous TT and Manx Grand Prix races. And to help accommodate them safely and comfortably, Isle of Man Tourism runs a Homestay scheme under which property owners can register their homes as suitable and available for tourist accommodation.
2011-06-21 08:06:24 Categories: Homestay accommodation by VC

School’s public liability insurance saves owl
The Longs ands Owl, a large wooden carving made by Thompson Dagnall, was something of a local landmark. As you drove into Fulwood on one of the main roads from the M6, you couldn’t miss it. There it was, standing in the centre of a roundabout.
2011-06-20 08:06:54 Categories: School’s public liability insurance by VC

EC proposals reinforce need for mortgage lenders to hold cover
or some 10 years now the European Commission has been keen to establish an EU-wide framework for regulating mortgages. In the maelstrom caused by the global financial crisis, the idea has gained further momentum and, at the end of March this year, the EC published a proposed directive concerned specifically with residential mortgages.
2011-06-14 08:06:29 Categories: Mortgage lenders to hold cover by VC

Failure to maintain adequate insurance costs one company
In previous blog posts, we’ve looked at the debate in Australia around how best to regulate the financial services industry and protect investors. Well, here’s a story of action being taken. Peter Joyner and Associates, providers of financial planning
2011-06-06 07:06:57 Categories: Adequate insurance by VC

Underwriter leaves Hannover Re - 2012
Since entering the market for solicitors’ professional indemnity insurance in 2008, Hannover Re has taken an aggressive, and successful, approach to increasing its market share. But news has emerged that underwriter Ross Hood, one of the key players in delivering Hannover’s strategy, has now left the firm.
2011-06-02 12:06:43 Categories: Underwriter leaves by VC

An end to ‘Chinese Walls’ could lead to lower premiums
There has been a long-standing difference of opinion between some of the larger and smaller firms of solicitors in Ireland on the question of whether or not solicitors working for the same firm should be allowed to represent opposing parties. Larger firms, mainly Dublin-based, have claimed that establishing
2011-06-01 09:06:00 Categories: ...could lead to lower premiums by VC

High proportion of claims stem from conveyancing
Property-related fraud and money laundering have bedevilled the conveyancing industry in recent years. And, as reported in the Law Gazette, the Solicitors Regulation Authority (SRA) is taking steps to resolve the problem, including the development of a supervision and enforcement strategy.
2011-05-28 09:05:46 Categories: ....claims stem from conveyancing by VC

No Professional Indemnity Insurance implications for financial advisers
In an article posted on citywire.co.uk, Martyn Harrison of AXA’s IFA consultancy service has drawn attention to the advantages of advisers forging closer links with solicitors. He argues that whilst there doesn’t necessarily need to be a formal contract, advisers should think about replacing the typically loose and informal arrangements they have with some form of agreed statement of intent.
2011-05-26 08:05:10 Categories: ... implications for financial advisers by VC

Are cheaper premiums on the horizon for IFAs?
In a move that has seen a dramatic increase in its gross written premium on professional indemnity insurance, Howden Broking Group, a Lloyds of London broker, has acquired the core broking activity of PYV, providers of professional indemnity to the IFA market.
A rise in the number of claims has contributed to a drop in the number of insurers offering Professional Indemnity Insurance to IFAs and an increase in premiums, making this legally required cover prohibitive for some.
2011-05-21 11:05:00 Categories: see: implications for financial advisers by VC

Ballot decision could settle fate of Ireland’s solicitors’
Will the members of Ireland’s Law Society agree to provide emergency financial support for the SMDF (Solicitors Mutual Defence Fund)? The answer to that question hangs on the outcome of a postal ballot called for at a special general meeting of the Society. The SMDF, set up to provide affordable professional indemnity insurance for the Society’s members, is set be wound up anyway. But with uninsured liabilities of some €16 million, how orderly will that wind up be? The proposal being voted on is that a levy should be imposed
2011-05-18 08:05:20 Categories: Irish business by VC

Lenders start taking a closer look at claims
The global financial crisis continues to create problems for everyone involved in the mortgage market. As lenders and brokers have come under increasing pressure, so the impact has been passed on to conveyancers and valuers.
2011-05-06 07:05:21 Categories: .... closer look at claims by VC

Will the end of expert witness immunity create problems?
In recent weeks, the ending of the 400 year old immunity from civil action enjoyed by expert witnesses has led to predictions of a major upheaval in the professional indemnity insurance market. But not everyone thinks so. Writing for thelawyer.com, Nick Cheffings argued that following the abolition of immunity for advocates in 2001, there was no longer any logical reason for maintaining immunity for expert witnesses. And, having acknowledged
2011-04-28 08:04:20 Categories: Civil Action by VC

Ireland’s main provider of solicitors’ liability Insurance faces deficit
The Solicitors’ Mutual Defence Fund, Ireland’s primary provider of professional indemnity insurance for solicitors, was established in 1987 as a response to the high premiums solicitors were being charged by commercial insurers for their professional indemnity cover. But the Fund is now facing difficulties. Whilst 90% of its €170 million liabilities are covered by reinsurance, that still leaves a €17 million deficit.
2011-04-21 06:04:21 Categories: ... liability Insurance faces deficit by VC

Cover for landlords through approved letting scheme
Members of the Residential Landlords Association who also manage property owned by other landlords now have the opportunity to join the National Approved Letting Scheme (NALS) for a reduced membership fee. In addition to offering the only Government-recognised licensing scheme for lettings and management agents, NALS can also offer protection for client money and professional indemnity insurance. For the professional indemnity insurance you need call us at 01480 470220.
2011-04-15 09:04:05 Categories: .... approved letting scheme by VC

Will profits fall at Lloyd’s of London affect market?
After a profit fall of 43% in 2010, Lloyd’s of London is expecting another difficult year in 2011. As reported in washingtonpost.com, Peter Levene, chairman of Lloyd’s, cited natural disasters such as the earthquake and tsunami in Japan as well as political uncertainty in the Middle East. But that wasn’t all. He also observed that the insurance market may not yet have felt the full effect of the recession;
2011-04-13 11:04:54 Categories: Lloyd’s of London affect market? by VC

Professional indemnity insurance part of new IFA firm’s offer
Prosperity, a new firm for IFAs, combines aspects of both the corporate and the network models. Members will retain their self-employed status and continue to do business under their own name. However, joining Prosperity will offer some big advantages.
2011-04-01 06:04:51 Categories: New IFA firm’s offer by VC

Avoid Those PI Claims In The First Place
No matter how good your professional indemnity insurance cover is, it’s still better to avoid someone making a claim against you in the first place. And Melinda Parisotti had some good advice to offer to consultants working in the construction industry recently. In her article posted on Building.co.uk, she told her readers never to forget the ‘3 Rs’ – reading, ‘riting and ‘rithmetic.
2011-03-21 09:03:12 Categories: ...claim avoidance by VC

Protect Commerce with business grade Insurance
There is a lot of hard work that goes into running of a successful business, but even one mistake caused due to negligence can cause a lot to the business owner and result in the closure of the business. To protect the business from such a situation, you should take the professional indemnity insurance policy. This policy provides protection from the claims of the business associates, customers and clients. These claims are the result of the clients being dissatisfied by the services provided by the business and the professional which can be due to negligence or wrong business advice.
2011-03-14 07:03:19 Categories: ....business grade Insurance by VC

Things You Need to Know About Insurance
When you want to know on the kinds of insurance covers you need, you will find many that you did not know about and these will obviously ring a bell as to why I need this cover. One such insurance policy is that of Professional Indemnity. The need of the policy is there as you are a human being and you can make mistakes. Any professional can make mistakes in his professional field and sometimes these mistakes
2011-02-23 06:02:21 Categories: Things You Need to Know ... by VC

Cheap Professional Cover? What’s The Catch?
If you go to the right broker, there’s no catch at all. There really is such a thing as cheap professional indemnity insurance – professional indemnity that will provide you with all the cover you need and the quality of service you have a right to expect. What do we mean by that? For a start your professional indemnity insurance will be underwritten by an ‘AA’ rated insurer. And it will be profession-specific. Your professional indemnity...
2011-02-21 01:02:13 Categories: What’s The Catch? by VC

Can You Please Explain Why I Need Professional Indemnity Cover?
Why do you need professional indemnity cover? Because you’re human. And when we say “you’re human”, what we mean is that just like everyone else, you do occasionally make mistakes. And that’s the key point. As a professional working for yourself - maybe you’re a freelancer or you run a small consultancy business
2011-02-21 01:02:23 Categories: Are you human? by VC