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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