Solicitors: Checklist for your 1 October PII renewal

Do you renew your PII on 1 October or some other date between now and the end of the year? If it is 1 October, have you spoken to your broker and started completing your renewal submission?

If not, make sure you pick up the phone to your broker after you have read this checklist. Then set some time aside in your diary to make a start on completing the renewal form and any additional questionnaires that you have received. Remember, that part of the process can take longer than you expect.

Create a time line and diary key dates

Discuss with your broker the date you expect to be able to submit your completed renewal submission and diary it.

Advise others in the firm of the information you need from them to complete the renewal submission and diary the deadlines for delivery.

If you need to “trawl” your fee earners for any new claims and circumstances, do this as a priority so that you can notify any matters as soon as possible.

Ask your broker about your current insurer

Has there been any change in their appetite?

What are the forecasting in terms of rate?

Does this insurer continue to be a good “home” for your firm, or should you be considering a move?

Have the indicated any new risk issues they are concerned about and/or will have additional questions on?

Check the markets your broker is able to access

Ask what markets your broker is able to access that are likely to have appetite for your firm and be a good fit for it.

Is their access direct or through another broker? Remember, if your broker does not have direct access, that means there is no direct communication between your brokers and the underwriter which can be a disadvantage.

Do they have any exclusive markets or arrangements that could benefit your firm?

Find out what your excess layer options are

What is the position with your current excess layer insurer in terms of rate and appetite?

To what extent does their wording depart from the MTC wording?

Are there other excess layer options your broker has access to?

What are the premium and cover differences for other options that are available?

Review financing options

What are your current arrangements for financing your premium?

Does your broker or insurer have any financing options for you to consider?

If you use a broker or insurer funding solution, check the terms of this to ensure you understand exactly what you are paying by way of interest rate. Where a substantial first payment is required, the real interest rate might not be quite what it is stated to be.

Always ask for a total cost comparison of paying cash versus financing.

Reflect on whether you are with the right broker

If your broker fails to respond or cannot provide suitable answers to your questions, then consider whether you need to engage with another broker.

The team at Howden is here to help. Please do not hesitate to contact us.