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Jurisk! Sept 2010 Editorial: Reduction in PII Base Premium from RM 1,300 to RM 1,200
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Professional Indemnity Insurance
Jurisk! Sept 2010 Editorial: Reduction in PII Base Premium from RM 1,300 to RM 1,200 | Jurisk! Sept 2010 Editorial: Reduction in PII Base Premium from RM 1,300 to RM 1,200 |
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| Tuesday, 14 September 2010 09:28am | |
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We are pleased to report that Bar Council’s efforts with our Risk Management Programme and endeavours to increase awareness of a sound work culture, has paid off, resulting in reduced 2011 PI premiums!
The 2011 PI premium is RM1,200 (2010 PII premium was RM1,300 per lawyer). In addition to the 7.7% reduction in premium, we have also successfully maintained cover for 2011 PII Policy as per the expiring 2010 terms. Please see Bar Council Circular 225/2010 for the salient details. I would like to take this opportunity to encourage Members to start applying for their PII early and avoid the usual last minute headaches! The first step to using the Online Proposal Form is to nominate an individual from your firm e.g. managing partner, office manager, to whom a login name and password (Firm Code and Certification Number) will be emailed for access to the Online Proposal Form. Do note that for security reasons, the login name and password will be different from that used to access the 2010 Online Proposal Form. All firms should have received an email from the Broker, Jardine Lloyd Thompson Sdn. Bhd. (JLT), on online submission of your 2011 Proposal Form. Members are strongly urged to use the Online Proposal Form. It is very easy to use, and an added incentive is that your firm’s information has been entered for you. No more filling in the same details again and again. Members who have yet to receive an email from JLT on renewals or who encounter any problems with the Online Proposal Form, do please contact JLT at 03 2723 3388 or the PII & RM Department for assistance.
Moving on to this issue of Jurisk, our ‘claims’ issue. Two main features are: 1. ‘What is a Claim?’ that explores the ‘when, what and why’ does a firm disclose in their Proposal Form and to the PII Scheme Broker; 2. PII FAQ on Claims, which touches on to-do questions should a circumstance or claim arise. Also featured is the ‘Claims Notification Flow Chart’, which sets out the process and parties involved in a notification of a circumstance or claim. On Page 3, we have the conclusion to the SIF FAQ Series ‘Bar Council’s Self Insurance Fund: In A Nutshell’. To end, whilst usage of our risk management tools and practice area checklists are still not at a desirable rate, our Risk Management Programme and related initiatives have gained the confidence of our insurers which has led to a reduction in premiums for 2011. We intend to work harder and need your all-round support to embrace our risk management efforts, which would be extremely useful to your practice in making it more profitable and less susceptible to claims! Ragunath Kesavan President/ PII Committee Chairperson Malaysian Bar Read Jurisk! September 2010. Set as favourite Share Email This Comments (0)
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