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[Insert date]*
[*NB: consider whether to recommend that the letter should be sent a minimum period of
time (e.g. ten weeks) prior to 1 October]
Dear [Broker]
Renewal of Professional Indemnity Insurance Policy – Retainer Letter
We are writing to set out the basis upon which we are instructing you to carry out
professional indemnity insurance broking services (the “Services”) for us.
As you will be aware, the deadline for renewing our professional indemnity insurance policy
is 1 October [Year] (the “Renewal Deadline”). The repercussions of us failing to renew our
policy by this date are severe.
We therefore require you to provide the Services in accordance with the professional
protocol (the “Protocol”) as annexed to this letter.
The purpose of the Protocol is to set out the minimum standards of service which we expect
from you.
We are aware that your terms of business may already apply to our instructions to you.
Those terms of business will continue to apply except where they conflict with the Protocol,
which will take priority.
Our relationship
You acknowledge that you are acting as our agent to provide the Services and accordingly,
that you owe a fiduciary duty of care to us, your principal.
Your continuing to act on our behalf will amount to your acceptance of our instructions, and
your agreement to comply with the Protocol when providing the Services but please sign
and date the enclosed duplicate of this letter and return it to us as soon as possible.
Please do not hesitate to contact [insert name] of this firm if you have any queries in
relation to this letter or the attached Protocol.
Yours faithfully
[Name of Partner]
For [Name of firm]
I confirm acceptance of the terms of this letter and agree that I will comply at all times with
the provisions set out in the attached Protocol.
………………………………………………….. ……………………………………………………
Print Name
For and on behalf of [insert name of broker]
References throughout this Protocol to “you” and “your” mean you, the professional
indemnity insurance broker. References to “us”, “we” and “our” mean or refer to
[insert name of law firm], the firm which has instructed you to provide the Services.
Terms which have been defined in the attached Retainer Letter shall have the same
meanings in this Protocol.
Key Principles
In providing the Services, you will, at all times:
act with reasonable skill and care, with the highest possible standards of
honesty and integrity, and in accordance with the provisions of this
obtain from us the details relevant to our circumstances, background and
use reasonable endeavours to obtain an appropriate professional
indemnity insurance for us on the best possible terms;
obtain quotations for us in good time prior to the Renewal Deadline;
present the quotations to us in a format which is clear and easily
comprehensible so as to enable us to make an informed decision as to
whether to accept the quotation or not; and
keep all information we provide to you safe and secure.
Any advertising and/or promotional material which you provide to us shall be clear,
fair and not misleading.
Preparatory Work
You will liaise with us to gain an understanding of our specific needs and risk
awareness, to assess the level of insurance cover required and to agree with us a
timetable for our renewal process as set out in clause 5 below.
You will explain the broking process to us and share your knowledge and
understanding of the professional indemnity insurance market, so as to enable us to
make an informed decision as to the suitability of a particular quotation.
You will report to us the names of the insurers to which you have sent our proposal
You will tell us about any exclusive or tied arrangements that you may have with
insurers and if there are certain insurers that you are not able to approach because
of these insurers’ exclusive or tied arrangements with other brokers.
You will tell us about any other intermediaries involved in the transaction, explain
their role, why their involvement is necessary and the effect their involvement will
have on the cost of the transaction.
We will send you our completed application form in good time and in accordance with
the timetable that we agree in 4.1 above (but in any event no later than 9th August
[Year]), to enable the renewal process as set out in clause 5 below to be followed.
Arranging Insurance
You are authorised to negotiate directly with all insurers appropriate for our
Professional Indemnity Insurance requirements. You are also authorised to obtain
any information the insurers require from our existing and previous insurers and/or
our previous insurance brokers. This particularly applies to a full list of all claims, plus
details of payments (claims and defence costs) together with any reserves (claims
and defence costs) held. You will notify us as soon as reasonably practicable of any
information that has been requested or disclosed.
You will endeavour to contact as many insurers as is reasonably practicable in order
to obtain a broad range of quotations save that if you have an exclusive or tied
arrangement with one insurer then you will inform us of this in advance and obtain
the broadest range of quotations consistent with your arrangement. If you provide us
with an offer of early renewal, you will make it clear that you have only approached
our existing insurer and will explain whether there are any arrangements that would
prevent you from conducting a full market exercise later in the renewal season or any
particular aspects of our proposal form that would make it advisable to maintain
continuity of insurers.
You will review our completed application form to ensure all questions have been
adequately answered, all attachments are enclosed and there is no information
missing and you will confirm to us that our application form is complete within two (2)
working days of receipt.
You will refer our completed application form (as confirmed complete in accordance
with clause 4.1 above) to our current insurer and to other appropriate insurers as
soon as is practicable.
If our current insurer either declines to provide a new quotation, or we do not accept
the quotation given by it, you will discuss our options with us within two (2) working
days of notification of either the insurer’s declination or our refusal to accept the initial
If an insurer declines to provide a quotation, you must inform us of this together with
details of the rejected application within two (2) working days of your receipt of the
rejection of our application.
You will monitor each application made to insurers on our behalf and where the
insurer has not provided you with a decision after a period of fourteen (14) days from
the date of your submission of our application to that insurer you will report this to us
within two (2) working days after that period has elapsed.
When you have obtained a quotation, you should forward it to us within two (2)
working days (irrespective of whether you consider it to be suitable or not).
You will advise us of the key features of each proposed policy, such advice to
include, for example, the extent of the cover and benefits, any significant or unusual
restrictions, exclusions, conditions or obligations, and the period of cover. You will
advise us which policy, in your professional opinion, would best suit our needs.
You will provide us with an overview of the professional indemnity insurance market
when advising us of the merits of a particular quotation.
You will not reject any quotation received until such time as we have agreed in
writing which policy you should accept on our behalf.
You will provide us with full details of the cost of each insurance policy (including,
without limitation, the cost of run-off cover and extended indemnity period premium,
details of charges for policy amendments, claims handling or cancellation) and you
will not add any fees or charges to the premium without first providing us with written
details of such fees or charges.
We request that you disclose to us the total remuneration received by you and any
other intermediary as a result of this transaction, including the commission (if any)
you will receive from the insurer.
Confirmation of Cover
On receipt of our notification indicating which quotation we wish to accept, you will
provide us with written confirmation of the policy which you have effected on our
behalf and identify the insurer from whom the policy has been obtained. You will
provide such confirmation within twenty four (24) hours of receipt of the same from
the relevant insurer.
Where full policy documentation is not included with the confirmation outlined above,
you will forward such documentation to us as soon as reasonably practicable and by
the most expeditious means.
Ongoing service requirements
You will respond to our queries and correspondence promptly.
You will deal with any requests by us to make amendments to our policy promptly
and will provide us with written details of any changes to our premium as a result of
such amendments.
Conflicts of interest
You will seek to avoid all potential conflicts of interest.
Where a conflict is
unavoidable you will explain the position to us fully and you will manage the situation
with all due professional skill and care.
Any information which we provide to you will not be used or disclosed by you without
our prior written consent, except for the purposes of renewing our insurance policy.
Complaints Procedure
You will provide us with a copy of your complaints handling procedure and, if
appropriate, details of any available dispute resolution facility.
We hope that we will not have reason to do so but, in the event that we submit a
formal complaint to you, you will handle this complaint fairly and promptly.
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