Edward Donne talks to The Conveyancing Association about the PII Market
Edward Donne, Divisional Director within our Professional Indemnity division, specialises in Licensed Conveyancer firms.
2020 has proven to be an extremely challenging year, particularly for Licensed Conveyancers. In these short, bite sized commentaries, he shares his experience of the current PII season along with his observations on how you might improve your position ahead of your next renewal, whenever that may be.
What’s happened to the PII Market for Licensed Conveyancers?
[2 min 30 sec watch]
For many firms who have already experienced the PI renewal process this year, it’s been an extremely challenging and frustrating time. 2020 has seen large increases in premiums, longer turnaround times and an increase in claims being made.
In this short clip, Edward summarises the reasons why the market is where it is right now.
What types of claims are we seeing and what are the problem areas?
[3 min 20 sec watch]
By understanding the types of claims which are most prevalent you can view your own practices in order to highlight any potential weaknesses and take steps to mitigate against the chances of a claim being brought against you.
During this soundbite, Edward takes you through the most common types of claim.
What do underwriters look for in an ideal firm?
[4 min 30 sec watch]
When it comes to underwriting a PII policy, underwriters take into account a whole myriad of factors. The closer a firm is their ‘ideal risk profile’, the better the terms are likely to be.
Here Edward outlines the key considerations to be aware of.
Edward looks after Howden’s Licensed Conveyancers clients, helping them get the cover they need in a changing market. He is also the Chairman of the PI New Business Forum, which gives him a unique insight into the world of Professional Indemnity. Edward is our man on the inside, offering his clients advice and insights to mitigate their risk and manage their insurance needs.