Proctor : June 2016
QLS Council has arranged with Lexon to make top-up insurance available to QLS members who would like the additional comfort of professional indemnity cover beyond the existing $2 million per claim provided to all insured practitioners. This option is available at very competitive rates and practitioners have the choice of increasing cover under the Lexon policy to either $5 million or $10 million per claim. This offering comes with the full backing of Lexon and ensures access to its class-leading claims and risk teams in the event that you require their assistance. Benefits include: • greater protection in the event of a significant loss event • follow form cover • no need to notify a claim or circumstance twice • you only deal with Lexon – the Queensland profession’s insurer • competitive pricing • simplified application process. If you are interested, please speak with the Lexon team or go to lexoninsurance.com.au/enquire_top_up for further details, including our privacy statement and important information about our ASIC class order relief. Getting ready for the end of year – practice changes The end of the financial year is the most active time for practice changes. These include purchases, mergers, amalgamations, takeovers, transfers, splits of partnership, entity transitions (for example, firm to ILP), principals (or former principals) leaving or joining, dissolutions or the recommencement of a former practice. Given this, it is an opportune time to remind practitioners that as part of their due diligence prior to undertaking such changes they should consider the potential impact of the prior law practice (PLP) rule which ensures a practice (and its relevant successor) retains responsibility for the insurance consequences of a claim made against it. There are potentially significant financial consequences (in terms of levies and excesses) which should be borne in mind when considering such changes. Law practices are strongly encouraged to understand the options available to manage these consequences. Details can be found in Buying & Selling and Acquisition Endorsement information sheets available on the Lexon website. Top-up insurance now available! June hot topic Lexon Insurance Pte Ltd ARBN 098 964 740 Incorporated in Singapore Registration No: 200104171C • Lexon works closely with QLS, Law Foundation Queensland and Solicitor Assist to ensure that practitioners who find themselves at risk of claim events are provided with practical support to see them through times of crisis. On a number of occasions Lexon, at its own cost, has arranged for independent assistance for practices where (by way of example) a practitioner may have been unexpectedly incapacitated or otherwise is unable to manage potential claim events. If you find yourself in such a situation, please contact us to see what help may be available to you. • We have just recruited a fourth full-time risk solicitor to work with the profession in managing risk issues. Lexon continues to invest in our risk program as every dollar spent has been repaid many times over in terms of reduced claims expense. Lexon’s ability to make these investments for the longer term benefit of insured members is a hallmark of the scheme. • Lexon is an active participant in the new forms of social media, having a Facebook page; Twitter, Google+ and LinkedIn accounts which permit us to actively engage with the profession in relation to emerging risks. These mediums proved valuable in disseminating relevant risk messages during the flood and cyclone events in Queensland in 2011, 2013 and again in 2015. Keep an eye out for our practical risk advice! Did you know? Lexon Insurance Pte Ltd is a wholly owned subsidiary of Queensland Law Society.