Your Master Policy renewal: Timeline and tips
If you have not already started your proposal form, now is the time to do so.
Given that it is a regulatory requirement to have your Master Policy cover in place by 1st November, it is not advisable to leave it right to the last minute. You should aim to have submitted your completed proposal form by early-mid October at the latest.
The Renewal Timeline
|27 July 2017||Online Proposal form goes live for all current practices|
|01 September 2017||Completed Proposal forms can now be submitted|
|September - October 2017||
Insurance Schedules issued on payment of premium
|31st October 2017||Deadline for firms to have cover in place|
Completing your Proposal Form
Lockton has contacted each firm to inform them about the renewal process, and how to log-in to our online proposal form.
This year sees the introduction of an online renewal process, which offers benefits in terms of accuracy and efficiency in the overall renewal process. It also means that you will be able to access your renewal documents at any time on-line – useful if you need a verification of insurance, or want to review your policy wording.
The form is short and straight-forward, and contains help-text and definitions throughout to help you with completion. We recommend completing the form online, rather than printing out the form and completing it in paper form first, as completing it online should save time and reduce the chance of errors.
For more information about how to complete your online form, you can watch our 15 minute webinar that walks you through the process. https://www.locktonlaw.scot/news/your-master-policy-renewal-completing-your-proposal-form-online-webinar.html
What additional insurances do you require?
Your proposal form enables you to apply for your compulsory £2m Master Policy Professional Indemnity cover. Many firms also take additional top-up cover. You can apply for this, without need to complete any additional forms – simply let us know (at Q8.1) what total level of cover you would like.
Similarly, with cyber crime and fraud very much front of mind, we can also arrange Cyber, Fidelity/Crime insurance for you, without the need for any separate proposal forms being completed. Simply complete the relevant responses in Q8.3 – and if we need more information, any additional questions will appear within the form.
If you want to discuss your coverage needs – you can review Lockton's guidance https://www.locktonlaw.scot/news/why-law-firms-must-focus-on-information-security-and-cyber-crime.html or speak to one of the Master Policy team.
Rates & Rating Factors Rules 2017
The 2017 version of the Rates and Rating Factors Rules are now available to logged-in users of our website. For 2017, the rating factors are essentially unchanged, but we have secured a reduction in rate, based on a reduced 'global premium' (the total premium collected across all firms) – following intensive negotiations with insurers.
We have also updated our Master Policy Guide for 2017/2018. Royal & Sun Alliance remain as lead insurer. The breadth of policy cover remains unchanged, but we have updated and enhanced some aspects of your Master Policy wording. More information about the insurers underwriting the Master Policy, details of cover, and information about Lockton's role as broker, read our full Master Policy Guide.