Preparing for Renewal - Initial Steps
The Master Policy renewal process will commence in mid-July.
The allocated contact at each firm will receive a letter summarising the process. If you are that person, you can expect to receive an email from us shortly following that letter, with details of how to start the online renewal process.
Before that, you can help ensure that you are prepared for the 2017 renewal by collating some of the necessary (and more time-consuming information) and informing yourself of some of the changes in the data we will ask you for this year.
Collate the firm's fee income details
We recently asked you to provide us with an update on partner numbers and your most recent and anticipated fees. Those of you that responded should be well-placed to complete this section of the proposal form.
Section 4 of the 2017 Proposal form asks for your most recently completed financial year's data, and your anticipated fees for the current financial year.
We have cut down on the number of questions that you need to answer here, and tried to simplify the proposal form. This has necessitated a change in the way we ask for financial details however.
As shown in the above extract, we will require a break-down of your fees in £ based on the location of your clients (UK, USA & Canada, elsewhere in the world) - and from any foreign offices.
There are no real changes to the work-splits data required. As with previous years, insurers want a breakdown of your Last Completed Financial Year's fee income (as between residential conveyancing, Commercial Property, Court work etc).
Whereas in previous years you had to provide both £s and %s, we have tried to make this easier for you - and you only need to provide one or other - our form will calculate the rest, as long as you have completed the fee income question (4.1) first.
Spending the time now to ensure that you have your financial data in order will save you a lot of time in the long-term and help ensure a smooth renewal process.
Fewer questions - new format
This year we have restructured the proposal form to take into account the benefits of an online format. We have also successfully negotiated the removal of a few questions from the form. The online format also enables us to only show questions relevant to you - so the form should be simpler and shorter for most of you to complete.
For more information and guidance
We will be releasing guidance on the renewal process and the online form when we launch the renewal process. We will also provide you with information about the Master Policy Global Premium and the rates and rating factors to apply from 1st November.
If you have concerns about completing a form online - we are here to help. Get in touch with us and we can walk you through the online form to make it as easy as possible for you. We do understand that, as with any changes, there is likely to be an adjustment period - but we have worked hard to try to make the process simpler, and we are confident that you will see the benefits.