Legal and Professional Risk Solutions
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Legal and Professional Risk Solutions PIB Group Solicitors
Transcript of Legal and Professional Risk Solutions
Legal and Professional Risk Solutions
PIB GroupSolicitors
Foreword
As one of the UK’s leading independent insurance broking groups with wide connections within the legal profession, we thought it would be useful to create a single document showcasing what we are able to offer to both you as a legal practice, and to your clients.
With our breadth of specialist, technical and sector specific knowledge, nationwide network and access to markets both locally and in London, we believe we are well placed to support you and your clients with a range of products and solutions, which are summarised in the pages that follow.
Whether you are an existing PIB client or not, we would be delighted to assist. Please feel free to contact your usual insurance adviser or one of the subject matter experts referred to in this document.
Alternatively, if you would prefer to drop me a line direct please do and I’ll ensure you are put in touch with someone who can help.
Thank you for your attention and best wishes from us at PIB.
Nigel Salisbury MA (Cantab), FCIIChartered Insurance BrokerChief Commercial OfficerPIB [email protected] 890047
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Contents
Introduction
Introducing PIB Group 5
Protecting your clients
Transactional Risks 7
Unoccupied Property 10
Specialist Disability Insurance 12
Private Client Insurance 14
Risk Management 16
Supporting your employees
PIB Employee Benefits 18
Protecting your practice
Financial Lines Insurance 20
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2000+Employees
50+Offices
1.2bnGross written
premium
£189mRevenue
Our formation in 2015 reflected the belief that the disappearance of many mid-sized brokers created the opportunity for a new entity, focused on the needs of clients, using a specialist sector specific approach, and with close client relationships at its core.
Our goal is to become the UK’s leading independent, diversified, specialist insurance intermediary group, and to build a business that
can provide a genuinely credible alternative to the larger and more established brokers.
We are achieving this through a combination of targeted acquisitions (37 to date), hiring experienced and talented individuals, and organic growth.
We operate out of 45 offices around the UK trading under various brands but with a common ethos.
We are a dynamic team created to fill a gap in the market for a specialist, independent, client centric and service focused insurance intermediary group.
Facts and figures
IntroducingPIB Group
Whilst we are largely focused on serving the UK domestic market, we are able to support our clients with their risk and insurance needs both at home and overseas. Our acquisitions have included businesses in the Channel Isles, Republic of Ireland and Continental Europe.
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Protecting your clients
By working with PIB you will be able to offer a comprehensive suite of products and protections that will augment the professional advice that you are providing.
The range of expertise we can deploy means that we can engage with your relevant departments as appropriate such as Corporate, M&A, Real Estate, Litigation and Finance and Tax.
We can offer support across a range of insurances including:
Security for Expenses (party wall) Insurance
Litigation funding After the Event
Insurance Personal Guarantee
Insurance Environmental risks
Warranty and Indemnity Tax Liability Public Offering of
Securities Insurance Legal Indemnity
solutions (commercial & residential)
Rights of Light Property dispute
solutions Transactional Warranties
Insurance
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Transactional RisksPIB Insurance Brokers are specialists and innovators in the property transaction and legal risk solutions market. We pride ourselves on being able to source bespoke insurance solutions from a wide range of insurer partners.
After the Event InsuranceOur experience in this niche sector together with our wide ranging market connections enable us to obtain the optimal cover for your clients to hedge the legal cost risk of their litigation being unsuccessful.
We keep abreast of market developments, capacity levels, risk appetites and available products and our multiple insurer approach means high conversion rates, whether the cover requirements are relatively modest or for multi-million pound co-insurance structures.
We can help you advise your clients on the options available and can also talk to providers about special rates, delegated authority and agreed service levels for your firm.
Personal Guarantee InsuranceAs a condition of raising business finance, directors are often required to provide additional security to the lender by signing a personal guarantee, thereby placing his or her personal estate at risk. If the business fails the lender can therefore seek recoveries from the director personally.We have access to an innovative new product that helps to alleviate the effect of this risk – Personal Guarantee Insurance. This annual insurance policy provides directors with cover in the event a business lender calls on the personal guarantee following an insolvency event, thereby protecting them from loss of personal wealth.
Litigation FundingOur experts can help you with securing suitable litigation funding in an increasingly diverse market with variable investment approaches. Knowing the right funder to approach for you or your clients’ funding requirements is key to success and our knowledge of this evolving market could be invaluable. This increased competition has led to litigation funding being a valid option for more cases than ever before, and our team is on hand to guide and advise on the strategic use of this product either on its own, or in conjunction with ATE legal expenses insurance.
Jane Jones has over 20 years of experience specialising in ATE legal expenses insurance and litigation funding. A lawyer by trade, Jane left private practice to work in house in this niche sector since when she has worked in house for both ATE insurers and litigation funders until moving into broking in 2013. As a broker, she draws upon her vast experience of the market to find the best possible legal expense solutions for her clients.
Jane Jones T. 0333 400 9486 E. [email protected]
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Warranty and IndemnityAs the insurance market for warranty and indemnity policies continues to offer flexible and affordable solutions for transactions, the policies can be extended to include some ‘known matters’ which may be an impediment to the transaction if they are not resolved.
Our expert team have placed policies for both buyers and vendors which have indeed enabled the transaction to proceed. Our ability to drive insurance transactions is a perfect counterpoint for the M&A transaction itself.
Tax LiabilityThere is a growing marketplace for tax liability risks where there may be some uncertainty about a tax opinion that has been used to guide a business to a particular course of action. If there were to be a later challenge by the relevant tax authorities, this insurance policy would be called upon.
Individuals within the PIB team have experience of securing tax liability policies in many jurisdictions around the world.
Public Offering of Securities InsuranceA Public Offering of Securities or POSI policy provides vital protection to both the individuals and their company where a prospectus is issued for capital raising purposes.
This form of insurance can also be used to cover bond issues and be adapted to suit a client’s particular circumstances.
Environmental RisksIn conjunction with our specialist partners at EDIA we can handle your client’s needs with the transfer of risk of pollution legal liability to a tailored insurance contract. They have extensive knowledge of the industry and its products backed by over 30 years of experience dealing exclusively with these risks. PIB/EDIA offer expert professional and personal service by supporting your clients leading up to and throughout policy lifetimes.
David Walters is Head of Financial Lines at PIB Insurance Brokers and has over 20 years experience specialising in Professional Risks.
He works in the mergers and acquisition space to provide Warranty and Indemnity and Tax Indemnity insurance solutions. He also provides advice and insurance solutions to private equity, alternative investment funds and to those involved in corporate asset disposal. David is also an expert in Corporate Governance, D&O insurance and advising companies heading for IPO.
Transactional Warranties InsuranceTraditional W&I insurance cover may often only protect 10% - 20% of the asset value and the insurance will run from the date of signature of the deal to the full survival period of the warranties and indemnities in the SPA.
Transactional Warranties Insurance can now be purchased through the Legal Indemnities Market to cover the fundamental warranties (i.e. title to shares and title to the real estate asset). The policies will enhance a traditional W&I product, by providing cover for the full value of the asset and covering the full period of the Insured’s ownership (including the period of the Insured’s own future warranty exposure.
David Walters T. 0203 961 7624 E. [email protected]
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A leader in the specialist field of Rights of Light insurance, Fraser has been advising on schemes of all shapes and sizes for 10+ years. Considered an expert, he is regularly asked to contribute to seminars and industry discussions on the subject and often consulted by other industry experts. As the Head of Property & Construction, Fraser also manages the Legal Indemnity team at PIB.
Fraser Pratt T. 0203 961 7628 E. [email protected]
Legal Indemnity Solutions (commercial & residential)Suitable for residential conveyancing and commercial property transactions, we provide open market broking services via a highly experienced team of specialist legal indemnity and defective title insurance brokers. Whether a single asset, development site or a portfolio of properties, one of the team is available by phone or email to discuss with confidence any matters from the most straight forward, to the most complex of risks, including Scottish and Northern Irish title risks and a wide range of European title matters.
Rights of LightWith over 10 years experience advising on Rights of Light insurance risks, our Rights of Light insurance experts are available to offer comprehensive guidance on all Rights of Light insurance matters.
Regardless of what stage the development is currently at, be it pre-planning or even if potential claimants have come forward,
we are able to talk confidently to you and your client about the options that are available to mitigate the potential risks.
Property Dispute SolutionsWhilst a traditional After-The-Event Insurance will protect the insured for their legal expenses, including adverse costs, these new property dispute solutions can cover defence costs, adverse costs, appeal costs and, importantly, loss in market value (upon a final order).
Cover for consequential losses (delay costs, loss of trading receipts and liability to tenants) in the event of an unsuccessful appeal can also be provided.
Security for Expenses (Party Wall) InsuranceAn innovative and cost-effective solution for building owners that will allow them to meet requests for security from adjoining owners under section 12 of the Party Wall etc. Act 1996 (‘the Act’), without tying up large sums of money in escrow.
Crucially, the policy has been designed so that the adjoining owner is the named insured and therefore claims will be paid to them directly, while also protecting them against the risk of insolvency or abandonment by the building owners.
This insurance solution has been designed with ‘the Act’ in mind and the trigger for a loss under the policy has been created to help avoid delays that can be caused by a traditional insurance claims process.
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UnoccupiedPropertiesWe understand that dealing with insurance for unoccupied properties can often be time consuming for solicitors.
We understand that dealing with insurance for unoccupied properties can often be time consuming for solicitors.
Our Guardcover team have more than 20 years experience and work with over 300 law firms to help streamline their processes.
We can provide wide ranging, flexible insurance policies for residential and commercial properties and land that is unoccupied.
This service provides the added reassurance of offering cover when a property is unoccupied or occupied whilst going through probate, but also where your firm is acting as the deputy or attorney.
In many cases our partners had previously used the
incumbent home policy, however doing this often results in restricted cover and increased conditions around visits and inspections.
Guardcover can streamline your processes through our reduced question set and provide cover on an all risk basis for each property. For most residential properties, recently unoccupied, you can choose to exclude regular, documented property visits that are often a feature of insurance for unoccupied properties.
Flexible termsOur standard policy terms include 1, 3, 6, 9 and 12 months with options to change, cancel or renew. We provide you with access to a policy term to suit your individual needs.
Variety of circumstancesWe can cover most circumstances from properties going through probate, deputyship and power of attorney, to extended holidays and secondments and buy to let gaps in residency.
De-risk your firmUtilising a single approach for all your clients will provide a consistent approach to insuring unoccupied properties.
Streamlined processIncorporating one simple and functional process, could save you time and reduce the risk of not having cover in place.
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Martin NiblettT. 07522 231218 E. [email protected]
With over 30 years of experience building client partnerships and delivering customer excellence, Martin now works across the property and lifestyle markets, promoting and developing customer led products and solutions. He has recently helped to lead the property team through a programme of transformational change, redeveloping the core products and simplifying the customer journey to meet the diverse needs of our partners and their clients.
Unoccupied Property
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Specialist Disability InsuranceBespoke disability focussed insurance products developed with the customers’ needs in mind.
Disability insuranceAs one of the UK’s largest and longest standing disability insurance providers, Fish have worked alongside solicitors for over 40 years, providing disability focussed insurance products developed with the customers’ needs in mind.
Specialist benefitsWe provide a wide range of specialist policies, from adapted motor and home through to disability equipment and prosthetics insurance. These are specialist policies that have been developed with industry experts and altered over time to ensure they are truly fit for purpose. From
Fish Insurance has been providing specialist insurance in the UK for people with pre-existing medical conditions, disabilities or mobility issues. Fish has 80,000 policyholders with insurance cover that has been specially designed to meet their specific requirements. The Fish Insurance team are great believers in making sure there are no surprises or frustrations for their customers.
John Traynor T. 07867 467 775 E. [email protected]
covering vehicle adaptions new for old as standard or providing disability specialist benefits such as adapted vehicle recovery or wheelchair accessible vehicle replacements after an accident, Fish ensures that its products offer the things that really matter to our customers. Fish also work alongside Ancile Insurance who provide specialist travel insurance cover.
Protect policyOur Protect policy range, for individuals who employ their own carers or personal assistants, has been one of the market leading propositions for over 20
years and has recently been improved with a whole host of additional tools. This can help those that employ their own assistants to manage their legal requirements.
We support youFish works with small independent firms through to some of the largest solicitors in the UK. Our business partnerships team works across the county, providing dedicated account management for our partners. Whether you have a general enquiry about one of our products or if you would like us to set up a policy known by us as a ‘block arrangement’ for your customers, we are there to support you.
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Private ClientInsurance
Bespoke insurance solutions for valued possessions
Our team of Private Client specialists work with clients throughout the UK, providing day to day support for their personal insurance needs. We can give your clients the peace of mind they need to ensure all that is dear to them is protected.
The Private Client team can assist with insurance for:
> High value or classic cars> Home and contents > Fine art and vintage wine> Jewellery> Antiques> Yachts > Farms and estates > Residential building works > Holiday homes
The Private Client service:
> With our carefully selected panel of insurers we can help arrange desktop surveys or a full risk appraisal to help determine the value of the property and mitigate the risk of loss by underinsurance or failure to insure
> As part of the insurer appraisal process, we offer guidance on the appropriate approach to sums insured for contents, including fine art, jewellery and other valuable collections
> Following an appraisal, cover will be extended to include guaranteed replacement cost for your buildings cover. This means in the event of a claim, you will receive the full amount to rebuild your home, whatever the cost
> Most of our insurers will assist to provide accurate sums insured for buildings, valuables and car collections to ensure claims are settled quickly and fairly
> We can offer one policy with one renewal date, covering both household and motor insurance
> Many insurers include immediate cover for newly acquired contents (timescales apply)
Zoe WatkinsT. 01452 511439 E. [email protected]
Zoe Watkins has been working within the High Net Worth sector for over 20 years. She brings with her a wealth of knowledge and experience to provide a tailor made solution for her clients personal insurance requirements and to ensure they are properly protected.
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Risk Management
PIB Risk Management brings together a wealth of expertise and experience from leading risk management professionals across the UK.
We can support your practice and your clients with a wide range of risk management solutions.
We are focused on providing simple, creative yet effective solutions to risk management that really work in the workplace. We tailor our solutions to each and every client, so they can be sure that what they have in place is suited to them
Our ever-expanding team of risk professionals is based throughout the UK, so there’s never a risk manager too far away. Our team draws on a wealth of experience from their past roles including. work in industry, enforcement, and consultancy. This experience is adapted to meet the requirements of our clients. Using this experience, we can benchmark quality, learn from others and improve standards without having to start from first principles each and every time.
Unlike other consultancies, we embrace the concept of ‘risk’ in its widest sense. Our solutions cover areas such as business continuity planning, fleet risk management, HR / employment law, cyber security, as well as more typical health and safety issues. As well as our people, we also have a market-defining, online risk management solution. xCenta allows businesses to plan, deliver, monitor and review their risk at the touch of a button, from anywhere in the world.
The integration of effective risk management with a well organised insurance programme is the best way to protect your business and your employees, and deliver better solutions and insurance outcomes.
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Services
Risk Management is often simply viewed as a provision to help a business reduce its exposure to risk, however our services can also help a business increase efficiency, reduce costs and present themselves as a better business to customers, prospects and suppliers.
Our services include:
> Health and safety consultancy > Fire risk management > Fleet risk management > Accredited and bespoke training
> Business continuity planning > Cyber risk management > HR support > Online risk management software and e-learning
Sam ForbesT. 07826 937071E. [email protected]
Stuart UptonT. 07753 984448E. [email protected]
Or for more information on our services visit our site at www.pib-riskmanagement.co.uk, or call our offices on 01777 861861.
PIB Risk Management’s services are not considered regulated activity by the Financial Conduct Authority.
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approach to create an employee benefits strategy that will meet your needs both now and in the future. With reach across the whole of the UK, we offer client-led benefits consultancy and bespoke services delivered by a dedicated and cohesive team, designed to help manage and optimise your employee experience. We believe that attention to your needs and delivering excellent service is paramount in building our relationship.
Our Employee Benefit consultancy team support organisations across the spectrum of benefits and reward so that it meets the needs of the business and its employees.
Employee benefits, as a strategic tool, not only to assist recruitment and retention but also to align employee behaviours so they support your business objectives and culture. We believe in helping organisations to empower their staff to make well informed decisions that support their physical and financial wellbeing.
Communication with employees is paramount. An employer can have a range of great benefits but if an employee does not understand or appreciate the benefits then the employer is effectively losing their return on investment.
Our consultancy services will help drive engagement by making use of technology and when required face to face or via webinar to explain and engage your people with the benefits. Combining our expertise with evolving technology, we take an innovative and collaborative
Driving engagement within the workplace is key to the ongoing commitment and loyalty of staff and having an effect benefits package is imperative.
Supporting your employees
David is MD of our EB division within PIB and has been part of the industry for over 25 years. Prior to joining PIB he was CEO of Giles Financial Services. PIB Employee Benefits is innovative and customer focused and provides consultancy services to UK household names with one of the key strengths being the use of technology to deliver customer tailored solutions.
Some of the services/products offered by PIB Employee Benefits are not considered regulated products by the Financial
Conduct Authority and these services/products are therefore not regulated by them.
David SkinnerT. 07930 993930 E. [email protected]
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ServicesWe work with clients to provide tailored consultancy and solutions across the full spectrum of employee benefits and our consultancy services cover:
> Benefits technology including voluntary benefits and payroll deducted> Total reward> Group risk and group healthcare > Workplace pensions> Financial education and benefit communication
Working with PIB Employee Benefits Our experience of dealing with clients of various sizes and complexity gives us great insight on the issues facing employers in the legal sector. We work collaboratively with our clients with our aim to be supportive and embedded within the clients HR function.
We use technology as an engagement and communication tool giving you access to all your employee benefits in one place whilst at the same time reduce your administration. They can be fully branded with your own corporate identity and allows you, as an employer, to communicate more effectively the core benefits you provide for your employees.
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Professional NegligenceWe have a team of over 25 Legal Professional Indemnity specialists working with clients throughout the UK, providing day to day support for their insurance needs. Our relationships with insurers enable us to find a good fit for each individual client at competitive premiums. We review the market to ensure our clients get a good deal and have recently recruited a specialist broking team to help us best manage the currently turbulent market.
Employment Practices LiabilityThis very specific policy will provide protection to both senior members of staff and the legal entity itself in the event of a claim emanating from a member of staff. Cover will be available for matters such a discrimination or harassment. The insurance market for such policies is currently very difficult, particularly for law firms. We have had several notable recent successes in seeking and placing this class of cover for our clients and prospects.
Pension Trustee Liability InsuranceThe trustees of a pension fund established for your employees may have potential liabilities for their actions. A Pension Trust Liability policy will provide cover for defence costs and damages arising from the actions of the trustees of a fund. Cover needs to be provided for several scenarios and we will be pleased to advise on these.
Our team have been involved in designing tailor made, innovative coverage in this sphere.
Cyber Liability and CrimeIn the currently unsettled period there has been a significant increase in cyber attacks against businesses.
A properly constructed cyber policy will provide cover for cyber incident response costs, cyber crime including social engineering, system damage and business interruption, network security and privacy liability, media liability, technology errors and omissions and court attendance costs.Our panel of insurers will work to secure enhanced terms on your behalf, wherever possible.
Management Liability InsuranceThis will provide vital protection to the management team of a practice where they may
Protecting your practiceFinancial Lines Insurance
Our teams across the UK have the know-how to put together an insurance programme to ensure your practice has the cover it needs at a competitive price.
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be accused of having committed a ‘wrongful act’ in their capacity as business leaders. The coverage is very broad and has attracted many claims in recent years. This in turn has led to the underwriting market imposing stricter conditions and higher pricing. At PIB we are ideally placed to negotiate improved terms on behalf of our legal clients and have recently won several new accounts based on our performance in this area.
Other CoverWe are also able to provide a range of additional products and benefits customised for solicitors.
These include, but are not limited to:
> Excess of loss> Solicitors’ Office Policy> Crime and Fidelity Guarantee > Contingent Liability Cover> Pension Fund Trustee Indemnity
Other ProfessionsIn addition to Financial Lines solutions for the legal profession we also have knowledge and expertise in the financial services, technology, media, life sciences, design and construction sectors.
We are ready to help deliver better solutions and insurance outcomes.
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Financial lines key contacts
Michael Eardley heads up our Northern Professions team from our Leeds and Liverpool offices. He has specialised in Professional Indemnity insurance and Risk Management for law firms for over 21 years. Michael now looks after some of our larger solicitor clients. Prior to joining PIB in 2016 he worked with law firms at Prime Professions, Aon and Marsh.
Michael Eardley Dip CIIT. 07803 468135E. [email protected]
Our team of Legal Professional Indemnity specialists work with clients throughout the UK, providing day to day support for all their insurance needs.
Garry is a professional risks insurance specialist with a degree in risk management. He has a particular expertise in servicing UK professional and financial services clients and for advising and placing covers for Professional Indemnity, Directors’ & Officers’ Liability, Cyber Liability, Crime and Warranty & Indemnity insurance. He has 20 years’ experience in professional risks insurance broking.
Garry HillT. 07376 076502 E. [email protected]
North
Scotland
Ged has over 30 years experience in looking after a range of corporate and commercial clients and has specialised exclusively in insurance and risk management programmes for law firms for the last 12 years.
Ged WoodT. 07496 310697E. [email protected]
South & Midlands
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PIB GroupSolicitors
Protecting your practice, your clients and your team
For further details please speak with your usual contact or email [email protected]
Get in touche. [email protected] t. 0333 058 9700 pibgroup.co.uk
PIB Insurance Brokers is a trading name of PIB Risk Services Limited. Guardcover is a trading name of Thistle Insurance Services Limited. Fish Insurance is a trading style of Fish Administration Limited. PIB Employee Benefits is a trading style of PIB Employee Benefits Limited. PIB Risk Services Limited, Thistle Insurance Services Limited, Fish Administration Limited. and PIB Employee Benefits Limited are authorised and regulated by the Financial Conduct Authority, their Firm Reference Numbers are 308333, 310419, 310172 and 300198 respectively. PIB Risk Management is a trading style of PIB Risk Management Limited. PIB Risk Services Limited, Company Registration Number 02682789; Thistle Insurance Services Limited, Company Registration Number 00338645; Fish Administration Limited, Company Registration Number 4214119; PIB Employee Benefits Limited, Company Registration Number 02026964 and PIB Risk Management Limited, Companies Registration Number 07473310 are all registered in England and Wales at registered office: Rossington’s Business Park, West Carr Road, Retford, Nottinghamshire, DN22 7SW.
