The criteria for selection of the Scheme Insurers are foremost"
- Financial security (insurer’s rating, stability etc);
- Good claims payment record;
- Have portfolio of PII experience in underwriting law schemes; and
- Have qualified and experienced PII claims personnel who understand the nature of PII claims.
In a PII policy such as this, which is claims-made and where claims can take between 7 to 8 years from notification to resolve, continuity is key! Long-term relationship with insurers ensures consistency of cover, expertise and claims management. It also facilitates administration, claims payments, and helps reduce disputes on cover.