No Lack of Choice in the Legal Indemnity Market via MOFS
You may well have heard that Countrywide Legal Indemnities (CLI) have stopped accepting Legal Indemnity business from UK insurance brokers. CLI were one of the providers we use in the legal indemnity market. This decision does not affect any policies already written by CLI, though they will only honour quotations for a limited period of time after the date of quotation.
However, for us, it’s business as usual as CLI’s decision will have no significant impact on our business nor on the cover we arrange for both law firms and direct clients. We have agencies with all remaining insurers, including an alternative cover-holder for Liberty Legal Indemnities (part of Liberty Mutual Insurance Europe SE) currently used by CLI so it is most definitely business as usual. We have excellent and long established relationships with insurers in the Legal Indemnity market and as a result of these strong relationships, a number of our insurers have committed to priorities our quotation requests above those from other brokers in the coming weeks thus maintaining our ability to provide competitive prices and quick turnaround times.
Lawyers from over 60% of the UK’s Top 100 law firms trust us to arrange legal indemnity insurance for their clients. As a broker with considerable experience in the Legal Indemnities market, providing advice on every transaction, all members of our team are experienced and fully understand the risk before presenting it to insurers. Insurers are extremely complimentary about our comprehensive and structured presentations to them which, makes it easier to underwrite and thus process enquiries quickly.
Alex Bielinski, Head of Legal Indemnity Insurance at Mason Owen says: “The influx of new less-experienced brokers in this market, with poorer presentation to insurers, has been one of the main reasons Countrywide have made this decision to stop accepting business from brokers. A number of other insurers have experienced similar problems and in recent years restructured their process by only accepting business from a small handful of brokers, such as ourselves at Mason Owen, whom they know have suitable experience in the market.
“The fact that we have agencies with so many insurers in the legal indemnity market shows our professionalism and standing with the insurers we work with which enables us to provide the best choice and competitive premiums for your clients.”
The broad spectrum of agencies we have with insurers underlines our professionalism and standing with the insurers we work with, which enables us to provide a wide range of choice and competitive premiums for clients. So when you think Legal Indemnity Insurance think comprehensive cover, competitive pricing, independent advice from a trust worthy source! Think Mason Owen Financial Services for all your Legal Indemnity requirements!
If you’d like to discuss this further with us, please don’t hesitate to get in touch…