- within Environment topic(s)
Leading law firm Browne Jacobson has teamed up with insurance brokers NTEGRITY to develop a unique new product in the solicitors' professional indemnity market. Vindico is a premium product aimed at firms that do not select PI cover solely on the basis of price and who value their claims record.
Ed Anderson, head of professional indemnity at Browne Jacobson in London, has recognised a gap in the market and has worked with NTEGRITY on the scheme. He said: “Many firms have become disenchanted with insurers' approach to settling bad claims purely on economic grounds, particularly where the settlement falls within their excess. Additionally, many insurers now handle the claims in-house and there is a growing perception amongst policyholders that this is not done with a sufficiently rigorous or independent approach. We believe there is a strong appetite in the market for this type of product that will appeal to firms looking for a more bespoke level of cover.”
Vindico aims to offer a higher level of service than other products in the market and promises a robust approach to unmeritorious claims. It will also offer a unique policy wording to ensure that it delivers on this.
Arrangements are being finalised with leading underwriters in time for renewals on 1 October 2007.
Browne Jacobson has a wealth of experience in dealing with solicitors' claims having acted previously on behalf of SIF and more recently on behalf of various Insurers. It is recognised by Chambers and Legal 500 as one of the leading firms in this area.
Similarly, the NTEGRITY team has been heavily involved in solicitors’ professional indemnity insurance since the demise of the Solicitors Indemnity Fund in 2000 and long before that in providing “top-up” and deductible “in-fill” insurance.
Prior to founding NTEGRITY, a number of its team were involved in managing the highly successful professions division of Alexander Forbes, a name which became synonymous with solicitors' professional indemnity insurance.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
