DeRisk® is a unique offering, designed to help firms with a troubled history of professional indemnity claims, who are struggling to get cover on commercial terms, or at all, as a result.
The DeRisk® service reviews the practice areas, identifies areas of risk and then assesses areas of concern from both a risk and legal perspective. Processes and systems are reviewed on a historic and current basis, and a report is prepared, on the likelihood of future claims arising, as well as the value of claims that could arise from historic issues, taking into account available defences.
The service can analyse the whole practice or just one area of concern. For example, a firm with a history of tax scheme introductions could have just that area reviewed, along with relevant processes.
The report comments on the likelihood of claims, impact of available defences, likely quantum of claims and the overall value of likely claims on a percentage basis.
The report (which is fully independent from the firm) can then be used to support a PII proposal form, to indicate the level of risk considered likely to arise from the historic issue, to assist Underwriters in forming a view of the overall risks in relation to the firm. It demonstrates a proactive approach by the firm to risk. The report can recommend improvements to processes, which, again can improve the firm’s overall risk ratings, if adopted.
To find out more about the DeRisk® service watch this video