Howden Windsor, the specialist Professional Indemnity Insurance (PII) division of Howden Insurance Brokers Limited, has announced an exclusive arrangement with software provider Lexsure which could see law firms save thousands of pounds on their annual premium.
Howden Windsor clients who are insured by A-rated insurer AmTrust Europe can save money on their Professional Indemnity Insurance (PII) premium each and every time they use COMPLETIONmonitor, Lexsure’s bespoke conveyancing risk management tool.
The online checklist has been designed specifically to reduce errors and omissions which may be made in conveyancing transactions. This risk mitigation software is the first of its kind to be directly linked to lower expenditure on PII premiums for law firms.
With the average 2013/14 PII premium for 4 to 10 partner law firms at well over £50,000 and often representing over 5% of firms’ gross fee income, PII is a significant expense to all firms, regardless of size or claims history. This has led Howden Windsor and AmTrust to seek innovative ways to help firms to make savings on their premium.
In 2013, Howden Windsor announced its exclusive facility with AmTrust for 4 to 10 partner firms. With a broad risk appetite, straightforward approach to quotation and the option of policy periods in excess of 12 months, Howden Windsor and AmTrust listened to the needs of firms of this size and responded with a facility designed to meet them.
Howden Windsor and AmTrust have now taken their commitment to clients one step further by offering firms a £10 saving on the following years’ premium for each and every conveyancing transaction that is carried out using COMPLETIONmonitor.
AmTrust recognises that COMPLETIONmonitor reduces the risk of solicitors making mistakes and, in turn, improves the risk profile of firms that use the software. Russell Newell, Head of Professional Indemnity at AmTrust commented: “We appreciate that the cost of PI insurance premiums has a great impact on law firms. We believe it is right and fair to offer a financial reward to firms that empirically demonstrate risk mitigation by using COMPLETIONmonitor.”
John Wooldridge, Director of Solicitors’ Professional Indemnity at Howden Windsor said: “We are always looking to find ways for our clients to improve their risk management strategy while also reducing their PII premium. We are delighted that AmTrust have agreed to recognise the improved risk profile of firms using COMPLETIONmonitor by offering them a direct saving on their premium. We’re expecting some firms to save tens of thousands of pounds."