CLC celebrates successful PII renewal with market expansion
By Law News
The Council for Licensed Conveyancers (CLC) has announced that all its regulated firms have successfully secured professional indemnity insurance (PII) coverage for the upcoming year
The Council for Licensed Conveyancers (CLC) has announced that all its regulated firms have successfully secured professional indemnity insurance (PII) coverage for the upcoming year. This achievement comes as the PII market, which has been challenging in recent years, sees increased participation from new insurers.
Market Expansion
This renewal round has been notable for the entry of two new insurers, Probitas Syndicate 1492 and XS Assure Limited, who join existing insurers Chubb, IGI, Amtrust, and Liberty Mutual. The presence of these new entrants has introduced greater competition and flexibility in the market, benefiting the regulated firms.
Competitive Premiums
New research from Browne Jacobson and the International Underwriting Association reveals that licensed conveyancers pay a median premium of about 3% of their annual turnover for PII, compared to 5% for solicitors. This cost advantage further enhances the appeal of CLC regulation for firms.
Improved Market Conditions
Claire Richardson, Deputy Director of Authorisations at the CLC, highlighted the positive impact of increased insurer participation:
"We have seen firms offered better terms and more competitive pricing because of the increased options. As a result, firms are choosing their insurer based on service rather than solely on the premium offered. Further, the growth in insurers’ appetite to enter the CLC market is an indication of the overall positive performance of CLC practices."
Process Enhancements
The 2022 changes approved by the Legal Services Board to the CLC’s participating insurer agreement have streamlined the renewal process. These changes mandate that firms submit at least one PII application two months before the renewal deadline, with insurers required to respond no less than one month before the deadline. This ensures a smoother renewal process and reduces last-minute risks.
Richardson also advised firms considering switching to CLC regulation to contact the CLC at least three months in advance to facilitate a smooth transition, especially around PII and license renewal points.
The successful renewal round and improved market conditions underscore the resilience and attractiveness of CLC-regulated firms in the conveyancing and probate sectors.