This is a perennial and challenging issue. The early indications are, however, that we may see some improvement in this renewal season.
There are steps that you can take in order to give you the best possible chance of a competitive rate being obtained from your insurer.
- Use the Common Proposal Form as issued by the Law Society.
Many insurers will now insist on the common proposal form and it is a good idea to spend the time in completing this form carefully as it can then be used for more than one application for cover. Using a short form means that it cannot be used for applications to other companies. It may be helpful to have a colleague proof your form for you. See attached link to proposal form, which has just issued: common-proposal-form-2022-updated-23.10.pdf (lawsociety.ie)
- Check with your Broker what insurance companies they offer access to.
At the time of writing there were 8 insurance companies offering cover as follows:
AIG – partnerships
Allianz Global – sole practitioners and partnerships
Aviva – partnerships
Berkshire Hathaway– partnerships
CNA – sole practitioners and partnerships
Liberty – partnerships
QBE – partnerships
Starr Europe – sole practitioners and partnerships
- Get a copy of your claims history
This is an indispensable part of your application for PII and you should obtain this as soon as possible
- Keep in touch with your broker
It is a good idea to follow up promptly with your broker after sending in the proposal form to ensure that they have received it and that it is receiving attention.
- Make your application early
An application made before 31st October should ensure an early reply with, hopefully a choice of offers.