Wednesday, 9 September 2015

AmTrust Renews Rewards for Conveyancing Risk Management

AmTrust Europe (“AEL”) a wholly owned subsidiary of AmTrust Financial Services, Inc. (Nasdaq: AFSI) (the "Company"), (“AmTrust”) have renewed their groundbreaking agreement with legal software house Lexsure, which links the use of risk mitigation software with lower expenditure on professional indemnity (PI) premiums for law firms, a move that could be worth thousands of pounds for some firms.

Professional indemnity premiums are a great concern for law firms, as, particularly for smaller firms, they can constitute one of the largest costs to the business aside from salaries. Furthermore, a practice that is refused PI cover can be forced to go out of business, a fate that befell some firms in England and Wales last year.

Law firms can evidence their lower risk profile for conveyancing transactions by using Lexsure’s COMPLETIONmonitor software, an online checklist, tailormade for conveyancers to reduce and eliminate errors and omissions.

In continuing to reward firms that reduce their risk profile by using COMPLETIONmonitor in the conveyancing process firms who insure with AmTrust can expect a per case savings on their PI renewals for each case completed with the software. Even for small firms with active conveyancing practices, this is likely to result in a saving of thousands of pounds.

Head of Professional Indemnity at AEL, Alex Dyer, said:

“We appreciate that the cost of PI insurance premiums has a great impact on law firms, particularly for firms that do a lot of conveyancing, due to the frequency and size of claims in that field. We believe it is right and fair to offer a financial reward to firms that empirically demonstrate risk mitigation by using COMPLETIONmonitor”.

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