What is Chancery Pii?
Chancery Pii is a trading name of Six Clerks Insurance Services Limited, which is an Appointed Representative of Miller Insurance Services LLP.
It is a managing general agency (MGA) created in 2013 to provide primary professional indemnity insurance to solicitor firms in England and Wales with between 1 and 4 partners. It provides direct access to a panel of insurers, each with a financial strength rating of at least A+ (Standard & Poor’s) or equivalent. Chancery Pii does not provide a broker service or any advisory services. We provide information on the policy that is offered but not advice or recommendations. You will need to make your own choice as to the suitability of the insurance policy, and you will be responsible for deciding how you proceed.
What is a managing general agent (MGA)?
An MGA is an entity that underwrites insurance risks and owes its primary duties to one or more insurance companies, Lloyd’s syndicate or other insurance capacity provider. An MGA is an underwriting agency that is given significant authority to underwrite and bind coverage on behalf of the insurer(s) it represents, but does not carry any of the actual insurance risk itself. An MGA is not a broker and acts as an agent of insurers, not insureds.
Who will the insurance be placed with?
The insurance will be placed with a panel of participating insurers, the percentage of which will be shown in quotes and policy documentation. Co-insurance arrangements are permitted under SRA Indemnity Insurance rules (clause 2.5 of the participating insurers’ agreement). The insurers all have a financial strength rating of at least A+ (Standard & Poor’s) or equivalent.
Why buy PII from Chancery Pii?
Chancery Pii offers:
Each participating insurer has a financial strength rating of at least A+ (Standard & Poor’s) or equivalent. Financial strength ratings are statistical ratings not guarantees.
Chancery Pii is accessed directly online and does not accept enquiries from brokers. We do not pay any broker commissions.
If your firm fits the underwriting criteria set by our panel of insurers, you will be provided with an immediate online quote.
Expert claims handling
Claims are handled by a dedicated team of claims managers and PII lawyers.
How do I apply?
Will all firms get a quote?
Not every firm. Chancery Pii only offers quotations to firms with 1 to 4 partners in England and Wales and only to firms that meet the underwriting criteria set by our panel of insurers. If your application meets the underwriting criteria, you will receive an immediate online quotation. If you do not meet the criteria, your proposal form may be referred to an underwriter for further consideration.
What does it mean if my proposal is referred?
If your firm does not meet our underwriting criteria, in some cases, and depending on the information you have provided us, we may be able to provide you with a quotation by referring your proposal form to underwriters for further consideration. It might be that additional information is required, in which case specific details will be requested. Being referred is not the same as being declined.
What does it mean if my proposal is declined?
This means that your responses do not meet the pre-defined underwriting criteria of Chancery Pii. It does not mean that you have been refused insurance.
If I am declined by Chancery Pii, will I be prevented from obtaining quotes from other insurers?
No. Every insurer follows its own underwriting criteria and calculates its premiums accordingly. If you are declined by Chancery Pii, you will be provided with a PDF copy of your completed online proposal form, which you may be able to use for applications to other insurers.
Can start-ups apply?
Start-up firms with 1-4 partners are welcome to apply but will not receive an immediate online quotation. Instead, their completed proposal will be referred to underwriters for individual consideration. Those that apply should submit the following in addition to their completed online proposal form:
We also require that at least one of the principals has five years’ post-qualification experience.
Do Lexcel and CQS members get a discount?
The quality that these accreditation schemes represent is reflected favourably within the underwriting criteria. Each firm will, however, be underwritten according to its individual circumstances and there are no guarantees of getting a quote.
How do I notify a claim?
Chancery Pii clients will receive information detailing how claims should be notified and a notification form with their policy. Alternatively, this information can be found on the contact page of our website.
Does Chancery Pii provide excess layer cover?
Chancery Pii only provides primary PII cover for solicitor firms with between 1 and 4 partners.
If you have between 1 and 4 partners but require both primary and excess layer cover you will have an option in the proposal form where you can ask Miller Insurance Services LLP to obtain excess layer terms on your behalf. Chancery Pii will then consider your primary cover and Miller Insurance Services LLP will consider your excess layer cover. Chancery Pii is a trading name of Six Clerks Insurance Services Limited, which is an Appointed Representative of Miller Insurance Services LLP.
Why does the form have to be completed online?
Chancery Pii only provides online access to insurance, saving you broker commissions. To access this facility you will need to complete the online form.
Can my broker get me a Chancery Pii quote?
No. Chancery Pii does not accept submissions from brokers.