Master Policy renewal: it's easy online
It’s time to be getting on with your Master Policy renewal, if you haven’t already. Lockton provides some tips on using the new online process
In June’s article (Journal, June 2017, 45) we outlined some of the preparatory work you could do before the Master Policy renewal process went live. This month, we provide more information about the renewal process.
The renewal timeline
If you have not already started your proposal form, now is the time to do so. Given that it is a regulatory requirement to have your Master Policy cover in place by 1 November, it is not advisable to leave it right to the last minute. You should aim to have submitted your completed proposal form by early to mid-October at the latest.
Completing your proposal form
Lockton has contacted each firm to inform it about the renewal process, and how to log in to our online proposal form. This year sees the introduction of an online renewal process, which offers benefits in terms of accuracy and efficiency in the overall renewal process. It also means that you will be able to access your renewal documents at any time online – useful if you need a verification of insurance, or want to review your policy wording.
The form is short and straightforward, and contains help text and definitions throughout to help you with completion. We recommend completing the form online, rather than printing out the form and completing it on paper first, as completing it online should save time and reduce the chance of errors.
For more information about how to complete your online form, you can watch our 15-minute webinar that walks you through the process here.
What additional insurances do you require?
Your proposal form enables you to apply for your compulsory £2 million Master Policy professional indemnity cover. Many firms also take additional top-up cover. You can apply for this, without need to complete any additional forms – simply let us know (at Q8.1 in the online application) what total level of cover you would like.
Similarly, with cybercrime and fraud very much front of mind, we can also arrange cyber, fidelity/crime insurance for you, without the need for any separate proposal forms being completed. Simply complete the relevant responses in Q8.3 – and if we need any more information, additional questions will appear within the form.
If you want to discuss your coverage needs, you can review Lockton’s guidance (shortcut: bit.ly/2vZ48nL), or speak to one of the Master Policy team.
Rates and Rating Factors Rules 2017
The 2017 version of the Rates and Rating Factors Rules is now available to logged-in users of our website.
For 2017, the rating factors are essentially unchanged, but we have secured a reduction in rate, based on a reduced global premium (the total premium collected across all firms), following intensive negotiations with insurers.
We have also updated our Master Policy Guide for 2017-18. Royal & Sun Alliance remains as our lead insurer. The breadth of policy cover on offer remains unchanged, but we have updated and enhanced some aspects of your Master Policy wording. For more information about the insurers underwriting the Master Policy, the details of cover, and Lockton’s role as broker, read our full Master Policy guide on www.locktonlaw.scot.
Mark Gray is claims director with Lockton