Take your broker's advice and deal with risk management issues now, says David Ingall
At this time of the year with your renewal date fast approaching, deferring dealing with your proposal or failing to look at the risks you are, or might be, exposed to is not an option. The ostriches will not get a good deal and there are insurers out there who, in the light of the financial uncertainties facing the world, may decide they do not want the less well organised practices who will not face up to risk management. Underwriters use their experience to assess professional indemnity insurance premiums and accept that even a well managed practice can have claims.
Practice Rules
Successor practice rules mean you could be found the responsible practice, long after the particular lawyer or department ceased to be part of your firm, or deemed responsible following a takeover of another practice, long after they had stopped doing this type of work. Your papers, or your predecessor practice papers, are essential. Thus file management and