Proctor : June 2018
25 PROCTOR | June 2018 QLS Council has arranged with Lexon to again 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 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 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 for more details, including our privacy statement and important information about our ASIC class order relief. Getting ready for the end of year – practice changes (mergers, acquisitions, splits and dissolutions) The end of the financial year is the most active time for practice changes, including 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 the Buying & Selling and Acquisition Endorsement information sheets available on the Lexon website. Top-up insurance now available! June hot topics Lexon Insurance Pte Ltd ARBN 098 964 740 Incorporated in Singapore Registration No: 200104171C • If you are a sole principal practice and would like to access Lexon’s free HelpNow program in the event of an emergency, please make sure you have in place an enduring power of attorney with a financial power or, if an ILP, an attorney for the entity. Otherwise, if a sole principal loses capacity (say in a car accident) Lexon is unable to deploy its HelpNow program unless and until a receiver is first appointed to the practice. • Since its inception in late 2013, Lexon’s System Test (previously known as Stress Test) has expanded from transactional property work to now include binding financial agreements (BFAs), wills & estates and personal injury claims. The free program involves (where applicable) the review of sample documentation followed by a practical ‘hands-on’ round- table discussion with authors working in relevant areas. The program seeks to highlight the top possible failure points and allows Lexon to play devil’s advocate to help practices identify and manage any gaps. This initiative represents another partnership Lexon has formed with the profession and it has been extremely well received. Indeed, the feedback has been such that we now have two risk solicitors working full time on this program – Robert Mackay and Emma-Jane McNicol. Please contact Robert Mackay at firstname.lastname@example.org if you are interested in being involved. Did you know? Lexon Insurance Pte Ltd is a wholly owned subsidiary of Queensland Law Society.