Professional Indemnity (PI) Insurance

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Logo: A red umbrella. Text: Travelers. Spotlight on Solicitors Professional Indemnity 

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Text: Overview of Travelers Solicitors Professional Indemnity Insurance. James Graham, Managing Director - Professional Indemnity – Bond & Specialty

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We first entered the Solicitors Professional Indemnity market back in in 2000 and have been a prominent insurer in this sector ever since. Back when we started, we had a team of four people working across our solicitors product – today the team has grown five-fold.

Our product complies with the SRA minimum terms and conditions, and provides additional benefits including accidental damage to documents, compensation for court attendance, and Personal Accident cover for 2-15 partner firms. We can also offer additional benefits on request, such as regulatory defence costs cover. 

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Text: Additional benefits include:
-    Accidental damage to documents, 
-    Compensation for court attendance
-    Personal accident cover for 2-15 partner firms

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And more importantly, our dedicated Risk Managers bring critical data and resource analysis to our clients, enabling them to identify and manage their own risk. We also provide a post-claim wellbeing service to support any individuals affected.

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Text: Why does a business need this insurance? 

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For firms that qualify within our criteria, we offer early renewals, which makes the renewal process easier and more streamlined for our clients. 
We also provide various limit options from the mandatory limit up to £10m for primary policies and on a 100% basis, without the need for co-insurance providing greater certainty and better efficiency when claims are made and handled. 

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Text: Who is this product for? 

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We can consider any size of law firm, based either internationally or in England and Wales, which is regulated by the SRA. 
We also offer products for registered Freelance Solicitors, Law Centres and unregulated Legal Advisors. 

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Text: Our appetite includes:
• Sole practitioners & freelance Solicitors
• 1-10 & 11+ partner firms
• Start ups - global & overseas law firms
• Unregulated legal firms
• Not-for-profit law centres

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Text: Why Travelers? 

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At Travelers we aim to be more than just an insurer. We are a trusted partner to our legal clients, providing advice and support both before and after a claim is made against them.
With legally trained underwriters and solicitors in both our claim and risk team, along with our longstanding partnership with the Law Society, we understand what firms really need.
And finally, Travelers in-house claim team of qualified solicitors brings extensive experience across multiple jurisdictions and practice areas. 
When you choose Travelers, you're not just buying insurance – you're gaining a trusted partner. Our dedicated team of legally trained underwriters, qualified solicitors, and risk managers work alongside you to protect what matters most. Your CLIENTS. 

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Logo: A red umbrella. Text: Travelers. Spotlight on Solicitors PI Risk Management Services

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Text: Overview of Travelers Solicitors PI Risk Management Services. Philippa Wilkin | Senior Risk Management Consultant – Bond & Specialty

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When your clients choose Travelers for their Solicitors Professional Indemnity cover, they gain access to our in-house risk management services. The main role of the risk management team is to work closely and directly with our clients to help them manage and identify the underlying causes of their business risks. Using our claims data we learn from ‘what’s gone wrong’ for other firms in the past, not to only to help prevent claims in the future but also to ensure that our clients don’t go through similar experiences or face identical scenarios.

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Text: Our legal sector offering:
-    40 years’ sector experience
-    Qualified legal and PI specialists 
-    Providing actionable guidance

Our risk management team combines over 40 years of hands-on experience across legal practice and insurance underwriting. As qualified solicitors and PI specialists, we understand the risks that law firms face. We translate this expertise into actionable guidance that protects your clients’ practice and helps them to make the right decisions for their business.

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Text: How does a business benefit from this service? 

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We work closely with our insureds to improve business practice and understand their business risks. 
Using insights from our claims data and statistics, we publish reports which identify and highlight risks and include the severity and frequency of claims in different practice areas. 

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Text: We use technology to understand:
-    Claims trends
-    errors leading to claims
-    underlying causes

As you would expect, with time and advances in technology, we can identify current trends and potential new claims and the types of errors that lead to them. We then share this information with our insureds.

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Text: 
-    Work with our underwriting teams
-    Risk profile assessments
-    Determining success or failure factors

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Our risk consultants also partner with our underwriting teams to assess the risk profile of prospective and existing clients, by reviewing their proposals and business plans. This provides insight into new developments in the legal sector as the market responds to changing conditions, as well as the factors that determine success or failure for a legal services firm. 

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Text: What additional support does the risk management team provide? 

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As part of our service, we also conduct regular horizon scanning of developments affecting the legal services sector, which include evolving issues like cyber-risk and changes in regulation. We work closely with our cyber and office product teams. 

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Text: Additional support and advice on:
-    Regulation changes and emerging risks
-    Tailored seminars and workshops
-    Guidance on practical measures

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We can also offer tailored seminars and workshops in which we share examples of claims in a variety of practice areas - for teams, departments or firms – including guidance and advice on practical measures to control and mitigate the risks of a claim. We have our own online risk portal, which is exclusive to our policyholders, and contains information, templates and other resources from industry commentators as well as our own in-house analysis and expert reports.

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Text: Various checklists available for:
-    Engagement letters
-    File reviews  
-    Anti-money laundering policy 
-    Risk review letters

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Our risk resources can also help clients establish best practice to guide any auditable checks to ensure work undertaken is efficient and effective. It will also help to reduce the risk of Professional Indemnity claims.
With Travelers Solicitors PI, we offer your clients more than insurance – they get an experienced risk management team that truly partners with you to help identify and prevent problems before they happen. That's the difference between coverage and confidence.

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Logo: A red umbrella. Text: Travelers. This video is provided for general informational purposes only. It does not, and it is not intended to, provide legal, technical or other professional advice, nor does it amend, or otherwise affect, the provisions or coverages of any insurance policy issued by Travelers.  Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy provisions, and any applicable law. Travelers operates through several underwriting entities in the UK and Europe. Please consult your policy documentation or visit the websites below for full information.

travelers.co.uk travelers.ie