Law Society urges solicitors to question their broker
The Law Society recently published a guide to choosing an insurance broker. It provides information about the rights and responsibilities of solicitors, brokers and insurers in the renewal process and is a ‘must read’ for those solicitors interested in making the most of the open market this renewal.
The main aim of the document was to ensure that you use a broker that provides a level of service commensurate to your needs so that you can get the most out of a potentially more competitive professional indemnity insurance market.
The Law Society is encouraging you to consider the following factors to ensure you engage a broker that is right for you. We have also highlighted our response to these factors to enable you to gain an insight into how we do business.
Is your broker regulated by the Financial Services Authority (FSA)?
Bluefin Professions is a division of Bluefin Insurance Services Limited which is directly authorised and regulated by the Financial Services Authority, Registered Office: 5 Old Broad Street, London EC2N 1AD, Registered in England No: 931954.
How experienced is your broker in the solicitors’ PII market?
Bluefin Professions is a specialist PII broker who have been managing solicitor’s PII and risk management requirements since the Solicitors Indemnity Fund (SIF) disbanded in 2000. Prior to this, we also arranged many excess layer requirements for firms requiring higher limits of indemnity than was provided by SIF. We continue to provide a complete advisory and execution service to our clients, utilising our strong links directly with the relevant insurance underwriters.
What primary services does your broker provide?
Bluefin Professions recognises that no two organisations are the same and our service proposition is designed to be comprehensive, specific to your profession, and flexible to meet individual requirements. Our established track record of advising the legal profession has contributed to the development of company individuals with experience and knowledge in risk management, market knowledge, required levels of cover, claims advice, and above all the ability to listen, understand and deliver our promise.
Which qualifying insurers does your broker place business with?
Bluefin Professions is an independent specialist PII broker with no requirement to place business with one particular qualifying insurer. We offer honest practical advice on a broad spectrum of appropriate insurers available to underwrite a particular risk and will ensure we do not over represent your risk in the market place.
How would your broker arrange your PII?
Bluefin Professions provides definitive service level agreements with our clients, and are flexible to tailor these to fit individual specific requirements. We do not adopt a volume approach to solicitors PII and prefer to be selective in terms of the firms we deal with to ensure the best possible personal service is received by our clients in an often over-run season.