CLEAR were contacted by a successful UK law firm, who were paying a premium of over £600,000, requesting a confidential review of their cover and the costs involved.

Around the time of the last recession the firm had suffered a small number of claims, which were driven by the economic downturn and significant in quantum. Their premiums understandably increased by a large amount, but the firm undertook positive and wide-ranging Risk Improvements. Their claims history immediately improved but, over 5 years later, the premium had not reduced to reflect this improvement in risk controls and management processes, strategy and claims.

The firm sought advice from colleagues in the law profession and were recommended to contact CLEAR by one of our existing clients. They did not wish to upset their existing relationship unless premium savings could be achieved, so CLEAR were requested to provide a confidential review of the cover in force and the validity of the premium still to be charged.

Working closely with a couple of key insurers in the sector, CLEAR were able to provide initial guaranteed savings of £50,000, with the potential for more should they be appointed to quote across the whole market. This guarantee helped the firm to justify the break away from their long-standing broker and a full quote was undertaken.

By arranging a day of face to face meetings with the client and all of the key insurers in the market, a final saving of around £150,000 was made including a much improved excess. CLEAR continue to work with the firm, advising on the benefits of Cyber cover and the additional ways we can assist law firms on Legal Indemnity issues.

With regular updates and meetings during the year, CLEAR will be working with the firm to ensure the best premiums are achieved again at the following renewal.