Understanding the Value of a Legal Indemnity Broker

6 Mar

Legal indemnity insurance is a specialised and niche area. Therefore, obtaining insurance via a legal indemnity broker who can advise you on your insurance needs, obtain the best terms from across the market, and negotiate on your behalf to obtain the most appropriate terms is the safest way to enable a transaction to complete quickly and smoothly. This not only saves you and your client time and money, but also ensures compliance with best practices.

Avoiding Pitfalls of Dealing Directly With Insurers

If you choose to deal with a single insurer directly, you are likely not getting the best terms available. Remember, the quickest quote is not necessarily the best. This is particularly important on commercial, complex and large transactions with significant losses at risk. Being able to compare the availability of products – both in terms of coverage and premium – is crucial. However, understanding a transaction and your client’s needs is also important. Where speed may be the overriding factor, we can provide rapid responses for existing projects via our online platform, delivering quotes from multiple A-rated insurers instantly.

Importance of Having a Plan B

It is essential to have a plan B in place in case your usual insurer does not have the appetite for a particular risk. At Thomas Carroll, we frequently get approached to assist on matters where an insurer has been unable to insure a particular defect and therefore deemed the risk as uninsurable. This is not always the case and is a classic example of why you shouldn’t put all your eggs in one basket and instead consider all the options available to you.

Expertise and Efficiency

Our legal indemnities team are kept up to date on all market trends, capacity and risk appetite of different insurers. This allows us to streamline the process of obtaining legal indemnity insurance solutions in a cost-effective way without delaying your transactions. We are repeatedly successful in obtaining acceptable terms from the market where a single insurer has been approached and either rejected to offer cover or provided cover which is simply inappropriate or limited in scope.

The Thomas Carroll Advantage

With a varied background in law, real estate management and legal indemnity underwriting, our specialist legal indemnity team has an extensive understanding of the requirements of all stakeholders involved in a transaction and their insurance needs. Having strong relationships with the leading insurers in the market enables us to negotiate the best terms and offer expert advice as required.

We can provide light-touch underwriting, which enables us to put forward a fully informative presentation of the risk to the market to obtain the best possible terms from the outset and reduce unnecessary email traffic. Should a claim arise after a policy has been placed, our in-house claims team will be with you throughout.

Can We Help?

If you require further information or need advice, please contact our Legal Indemnities Risk Adviser, Gemma Astbury-Dennis on 07879 665609 or at gemma.astbury-dennis@thomas-carroll.co.uk.