Insurance Renewal for Probate Practitioners
28 August 2020
Family TV these days has been America’s Got Talent on Netflix . . …….pure escapist schmaltz . . .normally the judges on the show are very positive about the contestants and their efforts apart from the odd planted dud contestant . . .sometimes judges disagree and take a contrary view to positive reviews . . .introducing a potentially negative review I heard one judge say recently “I don’t mean to be Debbie Downer here but . .” and they went on to slate the contestant . . .
Likewise I don’t want to add to an already heavy mood out there, but this weeks email is a word about insurance renewal. This is a departure from my normal probate email this week.
I have been thinking of my own renewal a little earlier than usual and from speaking to compliance experts, this is going to be a challenging year. So we will all have to put extra effort into renewal this year. It is likely to be the case that premiums will be 20% – 30% up on last year. This will be a fact of doing business. One person I spoke to said that “Its not about comparing quotes . . the key this year is to get a quote”.
So there will be a focus once again on risk management and policies and procedures. You may want to reach out to a risk management specialist and prepare a report on your firm and now is the time to be thinking about this. A bit of investment over the next while could put yourselves in great stead come renewal. Also, it is likely that we will need to get forms in early to avoid being lost in the swamp near the end, so it would be worthwhile getting the information ready now for the common proposal form. GDPR and Cybersecurity seem to be hot topics now in addition to the usual beauties of personal injury and undertaking registers.
This is a gentle nudge to help you now get prepared. A few steps now could get your quote down from a 30% to a 20% increase and could save a lot of stress and hassle come 30th of November.
I attach a note from the President on the matter below.