PI insurance broker wins contract to manage CLC scheme

One specialist professional indemnity insurance broker has recently won the contract to manage the Master Policy Scheme for the Council for Licensed Conveyancers.

Prime Professions was awarded the contract from fellow business liability insurance broker CJ Coleman and will now be setting up a service team led by Martin Ellis and Robin Bayly, both directors of the broking firm.  Commenting on the newly awarded contract, Mr Ellis remarked that Prime Professions is quite proud to be representing the CLC.

The professional liability insurance broker is looking forward to being able to deliver innovative solutions and genuine value to the challenges the regulated community faces, Mr Ellis added.  All CLC members will have their renewals successfully done prior to August 31, despite the short time left between then and taking custody of all claims and files, the firm director also said.

Prime Professions wishes to build a strong relationship with each individual member of the CLC community looking forward, remarked Mr Ellis.  The brokers also said that they are committed to the provision of advice in relation to the risks CLC members face, while also making professional indemnity insurance cover arrangements for the community as well.

An area of practice which accounts for a very large percentage of professional indemnity insurance claims, conveyancing is also a large source of complaints as well.  According to data from the Solicitors’ Regulation Agency, conveyancing claims are representative of approximately half of the value of professional indemnity insurance claims brought against firms.

The SRA issued an enforcement strategy and a draft supervision in April of this year for conveyancing.  The Authority will be assessing its impact once the October 1 renewal date passes.

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