The Law Society is offering Conveyancing Quality Scheme (CQS) firms and Lexcel accredited firms exclusive access to competitive professional indemnity insurance (PII) quotes in time for this year's renewals.
In another major boost for CQS and Lexcel firms the Society has established the new initiative in association with leading PII broker Hera Indemnity to offer accredited firms the opportunity to reduce their premiums.
CQS and Lexcel practices will be able to receive competitive quotations from a panel of qualifying insurers who recognise the value of both schemes.
Law Society chief executive Desmond Hudson said:
'There has been anecdotal evidence that Lexcel can reduce PII premiums for firms, and even though it is in its infancy some insurers are already discounting premiums for CQS firms.
'It therefore makes sense that the Law Society capitalises on this trend on behalf of its members and provides a facility which explicitly acknowledges the advantages CQS and Lexcel provides to firms from a PII perspective.
'CQS and Lexcel carry many benefits beyond the potential of reducing PII premiums. As well as reducing risk, they reflect high standards in law firm management. Equally, at the heart of both accreditations is client care. It is particularly encouraging to see that the insurance industry is so positive about CQS. This facility provides yet another benefit for the scheme.
'It should be remembered that although this initiative is exclusive to CQS and Lexcel firms, the Society provides considerable support for all of its members in the PII renewal period, including the PII Helpline.'
Nick Pointon, senior consultant at Hera Indemnity, said:
'We are delighted to have been selected to run the Lexcel and CQS facility and expect premiums to be extremely competitive for scheme members.'
CQS and Lexcel firms will not need to fill out further forms to obtain a quotation but can call the hot line on 0207 959 2449 or simply email a scanned version of a proposal form that they have already completed to lexcel@heraindemnity.co.uk or cqs@heraindemnity.co.uk
For more information call 0207 959 2449.
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Notes to editors:
More information on professional indemnity insurance.
Call the PII Helpline on 020 7320 9545
Contact: Steve Rudaini, The Law Society
+44 (0)20 7316 5624