Brokerage giant Lockton is hoping that it can now offer UK solicitors a product that truly addresses all of their insurance needs.
Announced today, the company has created an “interlocking” insurance product that combines both crime and cyber cover with compulsory Solicitors’ Regulation Authority (SRA) professional indemnity insurance in one policy. According to Brian Boehmer, partner at Lockton’s solicitors practice, the product has been designed to deal with the growing threat of sophisticated criminals targeting law firms and protects both first- and third-party interests.
“Interlock is a first-of-its-kind product that provides a much needed solution to modern day business risks affecting legal firms in England and Wales,” he said. “Until now, the regulated legal profession has been limited to ‘bundled’ products where separate policies cover the firm. A potential issue that may arise with separate insurance policies is that insurance could be available on more than one of the policies. Insurers could argue over who is liable for what, causing unnecessary conflict between insurers and delays for the insurance buyer. With Interlock, this won’t be the case.”
According to the British Chambers of Commerce, one in five businesses has fallen victim to a cyberattack over the last year; while it was also revealed last year that £85 million was stolen by hackers from law firms over just an 18-month period.
“When a cyber breach happens, time is of the essence,” Boehmer added. “The seamless nature of this product allows clients to report and deal with cyber breaches efficiently without the need to activate multiple policies.”
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