Transition to Lockton – your questions answered

In less than a month, on 1 January 2017, Lockton become the brokers for the Master Policy. Last month (Journal, November 2016, 43), we introduced the Lockton team, and provided a broad overview of Lockton’s strategic priorities. This month, we focus on some practical advice and direction for firms contacting Lockton.

Who should I speak to?

Before 1 January 2017: If you need to contact someone regarding an immediate issue concerning your Master Policy cover (such as notifying a claim, or a change of details), you should contact the team at Marsh in the normal way. During the festive holiday period, it would be prudent until 1 January also to email the team at Lockton.

From 1 January 2017: From 1 January all matters should be notified direct to the Master Policy team at Lockton.

Since the Insurance Act 2015 came into force (in August 2016), insured practices have a “duty of fair presentation of risk”, which includes notifying all “material circumstances” including matters occurring after the policy has incepted. We will provide more information regarding the implications of
this Act in a future article.

What needs to be notified to Lockton?

Material changes to your practice must be notified at the earliest opportunity. You should tell us about:

• any claims or potential claims against your practice;
• changes to partners/principals;
• conversion to LLP, limited company, or ABS;
• opening of any new offices;
• change of address;
• change of key contact;
• anticipated mergers, breakup or dissolution of your practice;
• withdrawal of a criminal court
• undertaking or exceeding the low-income practice threshold.

You should also get in touch if you have any other queries about your Master Policy cover, or are looking for advice on a risk or compliance matter.

What online resources will Lockton provide?

Lockton are launching a new website (www.locktonlaw.scot), specifically for solicitors in Scotland, going live in late December.

Guide to the Master Policy. On the site, you will be able to access a guide answering many of the most frequently asked questions about the Master Policy.

Searchable Resource Centre. The site also features an in-depth resource centre which we will continue to enhance with regular new content over the coming months. During January, for example, we will be rolling out webinars on cybersecurity, client and transaction vetting, and terms of engagement.

Online policy portal and renewal process. Partners/managers with responsibility for your firm’s insurance will have access to a secure client portal where your Master Policy documents will be stored – and you will also be able to complete your proposal form online, when the time comes.

What risk management services will Lockton offer?

Recognising that for many there often isn’t time to create policies and procedures alongside the pressures of fee-earning work, we are committed to developing a risk management toolkit for firms. We have partnered with LexisNexis to produce a range of practical templates for you to use, which we will be rolling out over January via our website resource centre.

Our risk management priorities for the profession are born of the claims experience of the profession. Topical news items and regular bulletins will help keep the relevant issues front of mind. For example, frauds and scams are rising fast – with the majority now involving some element of technology (“cybercrime”). Our first e-learning tools are therefore focused on information security and cyber risks. We understand that webinars and bite-sized online learning provide verifiable CPD that helps you meet your learning and development objectives.

Property work continues to dominate the profession’s claims experience and we will be working closely with the Law Society of Scotland’s Insurance Committee and you, the profession, to ensure that we help address this in as practical a way as possible.

We intend hosting some risk and compliance forum events during 2017. But you do not need to wait for that – if you become aware of a risk that you’d like flagged more widely, get in touch and we can do the rest.

Equally, if you have any particular risk management queries or there is a topic you particularly want addressed, contact calum.maclean@uk.lockton.com