Using risk reduction software to save law firms "tens of thousands of pounds"

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Legal risk software house Lexsure and AmTrust Europe Limited, an ‘A’ rated insurance company, have signed a groundbreaking agreement that for the first time links the use of risk mitigation software with lower expenditure on professional indemnity (PI) premiums for law firms, a move that could be worth tens of thousands of pounds for some firms.

Legal risk software house Lexsure and AmTrust Europe Limited, an ‘A’ rated insurance company, have signed a groundbreaking agreement that for the first time links the use of risk mitigation software with lower expenditure on professional indemnity (PI) premiums for law firms, a move that could be worth tens of thousands of pounds for some firms.

Professional indemnity premiums are a great concern for law firms, as, particularly for smaller firms, they can constitute one of the largest costs to the business aside from salaries. Furthermore, a practice that is refused PI cover can be forced to go out of business, a fate that befell some firms in England and Wales last year.

Now, for the first time, law firms can evidence their lower risk profile for conveyancing transactions by using Lexsure's COMPLETIONmonitor software, an online checklist, tailor-made for conveyancers to reduce and eliminate errors and omissions.

COMPLETIONmonitor has previously been recognised as a valuable risk mitigation tool but AmTrust have now taken an innovative step and will reward firms that reduce their risk profile by using COMPLETIONmonitor in the conveyancing process. Firms who insure with AmTrust can expect a per case savings on their PI renewals for each case completed with the software. Even for small firms with active conveyancing practices, this is likely to result in a saving of thousands of pounds.

Russell Newell, Head of Professional Indemnity at AmTrust Europe, said ‘We appreciate that the cost of PI insurance premiums has a great impact on law firms, particularly for firms that do a lot of conveyancing, due to the frequency and size of claims in that field. We believe it is right and fair to offer a financial reward to firms that empirically demonstrate risk mitigation by using COMPLETIONmonitor'.

Simon Seaton CEO of Lexsure comments ‘We are delighted that AmTrust have taken the bold step to reward firms who adopt best practice when it comes to conveyancing. We have long believed that our risk management tools reduce the risk of error or fraud. Now, for the first time, firms that use Lexsure software will make significant savings because an insurance company has recognised that they represent a reduced risk.'

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NOTES TO EDITORS
To access this offer firms will need to approach AmTrust’s exclusively accredited insurance brokers. For 1-3 partner firms that is JLT Specialty Limited (http://www.jltsolicitorspi.com) and for 4-10 partner firms Howden Windsor.

Lexsure Limited
Lexsure is a software house specialising in helping law firms manage risk and compliance.

Founded in 2008, Lexsure (formerly Conveycentric) has developed a family of products including COMPLETIONmonitor, CLIENTCAREmonitor and LENDERmonitor. Lexsure products – completely automated, comprehensive, and low-cost - ensure busy lawyers meet regulatory obligations as well as mitigate risks with ease and stay abreast of developments in both arenas.

Approximately 1000 law firms in England and Wales currently rely on Lexsure software to make risk and compliance management more effective and efficient.

For further information regarding Lexsure Limited please visit http://www.lexsure.com or email info(at)lexsure(dot)com.

AmTrust Europe Limited
AmTrust Europe Limited provides general insurance products and support services to partners, focusing on property, casualty, specialty risk, accident and health, legal and warranty insurance products.

AmTrust Europe has been rated ‘A’ Excellent by A.M.Best.

The AmTrust Group is committed to disciplined underwriting focusing on niche products, low-hazard risks and serving the client’s needs.

For further information regarding AmTrust Europe Limited please visit http://www.amtrustinternational.com. All media enquiries please refer to Denise Johnson at denise.johnson(at)amtrustgroup(dot)com

JLT Specialty Limited
JLT Specialty Limited is a specialist insurance broker renowned by law firms for their quality and speed of service, easy application process and competitive solutions. In the 2014 Law Society survey JLT Specialty were listed first for customer satisfaction.

Howden Windsor
Howden Windsor is one of the UK’s leading specialist Professional Indemnity Insurance brokers, with access to over 80% of insurers underwriting solicitors’ PII. Howden Windsor is part of Howden Broking Group which was awarded ‘Broker of the Year’ at the 2013 Insider Honours awards.

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Robert Monson
Lexsure
+44 2076921876
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Robert Monson
Lexsure Ltd
+4402076921876
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@LenderPanel
since: 01/2014
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