Proctor : June 2019
21 PROCTOR | June 2019 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 further details, including our privacy statement and important information about our ASIC class order relief. Simplification of Conveyancing Protocol from 1 July The release of the Conveyancing Protocol in 2006 helped practices to manage risk and has coincided with a substantial reduction in conveyancing-related claims. Over the years Lexon has also released further practical risk packs, which include Checklists, Letters and LastChecks, to assist with the implementation of the protocol elements. Following a consultation and review process with the profession, and with a view to making the adoption of Lexon’s risk strategies as simple as possible, we are pleased to announce that from 1 July 2019 the Conveyancing Protocol will be simplified to only comprise the various Checklists, Letters and LastChecks published by Lexon from time to time. In addition, you will see that we have streamlined the Checklists and added some further Checklists and simple letters to deal with the conveyance process. Finally, the full implementation of the tools referred to above (or comparable tools) should, in the normal course, provide a simple way to avoid a Conveyancing Protocol deterrent excess in the event of a claim. We trust conveyancers will welcome these changes. Top-up insurance now available! June hot topic 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. • Acquiring another practice or taking on a principal or legal staff from another practice may activate the ‘prior practice rule’. This can affect how your levies are calculated and could mean you assume responsibility for the acquired entity’s claims performance. You can find out what to look out for and ways to minimise this risk – like using the Acquisition Endorsement which was introduced for the 2014/15 insurance year – in an information sheet available on the Lexon website (lexoninsurance.com.au). • We remind practitioners acting as directors or officers of ‘outside’ companies (or any other body corporate) that the Lexon policy only responds to claims arising from the provision of legal services. Practitioners who assume those roles may wish to seek appropriate advice as to whether they have, or require, directors’ and officers’ insurance. Did you know? Lexon Insurance Pte Ltd is a wholly owned subsidiary of Queensland Law Society.