Posted on 15 Aug 2012 by Neilson
JLT Specialty Limited (JLT) today announces the launch of its 2-3 partner Professional Indemnity Insurance (PI) service through an exclusive new arrangement with Aviva.
"Smaller firms need to understand the most efficient way to capitalize on how they present their risk and their business strategy and what is the best long term option. Larger firms have gained an advantage from building the right relationship with a broker and smaller practitioners need to also maximise the benefits a broker can bring," advises Mike Perry, Partner, JLT. " Working with an experienced and trusted 'AA-' rated insurer like Aviva means we can offer smaller firms an efficient, fair and quality service that can give them piece of mind for the long term."
PI claims can take three to five years, or sometimes longer, to be developed. This means that we are only now starting to appreciate the full effect of the claims arising from the financial crisis of 2008. As a result, JLT expects established PI insurers to look more closely at the quality of the risks they are underwriting as they seek to re-address the balance of their solicitors PI portfolio.
Trevor Meadowcroft, Professional Indemnity Underwriting Manager at Aviva, said "Aviva has a long history of expertise in the professional indemnity market and we are very pleased to be working with JLT on this scheme. Their team’s experience in this sector means they understand the individual needs of the client and together we can provide a personalised quote, based on a true assessment of each individual risk profile. The clients can feel confident that they are working with experts in their industry."
Mike Perry concludes, "After considerable research we have decided to initially focus on sole practitioners and smaller firms as research indicates these practices are likely to find the renewal process more difficult and are most likely to benefit from the efficiency, fairness and quality we will be introducing."
The JLT service will combine a quicker turnaround on quotes with clear communication throughout the process. JLT will accept any proposal form, additional information can be found at link to website.