Excess of loss layers
Cover sitting above the compulsory scheme limit for larger claims.
Solicitor Professional Indemnity
0418 166 122Compare solicitor professional indemnity quotes from multiple Australian insurers. Insurance quotes from a licensed Australian broker with Steadfast network access.
By requesting a quote you accept our financial services guide and privacy policy. General information only.
Solicitor Professional Indemnity
Excess and top-up professional indemnity for Australian law practices.
Solicitors do not shop the base layer. A practising certificate depends on the compulsory scheme in your state, so the broker's work sits above it. Once a claim runs past the scheme limit - a large conveyance, a missed limitation date, a commercial transaction that unwinds - the excess layer is what stands between the firm and the balance.
What is it?
Australian law practices obtain compulsory professional indemnity through a single approved scheme in their state, such as Lawcover in New South Wales, the Legal Practitioners' Liability Committee in Victoria, Lexon in Queensland and Law Mutual in Western Australia. Cover is a condition of holding a practising certificate. Firms then arrange excess of loss layers above the scheme, plus cyber and management liability.
What does solicitor professional indemnity cover?
Cyber and trust funds
Exposure to payment redirection fraud and the client data a firm holds.
Management liability
Claims against the practice and its principals as a business rather than as advisers.
What affects the cost?
- Areas of law practised
- Number of principals and fee earners
- Transaction sizes handled
- Scheme limit already in place
- Claims history
Worth raising on the call
- The base layer is set by your state scheme, so the broker conversation is about what sits above it.
- Conveyancing and commercial work drive most claims that reach scheme limits.
- Email payment redirection is generally a cyber loss rather than a professional indemnity claim.
Claims we are commonly asked about
Loss runs past the scheme limit
A commercial property transaction unwinds after an easement affecting the development footprint is not picked up, and the loss exceeds the compulsory scheme limit. The excess of loss layer is what stands between the firm and the balance.
Limitation date missed
Proceedings on a substantial personal injury matter are not filed before the limitation period expires and the client's claim is lost entirely. Where the underlying claim was large, the resulting loss can move past the base layer quickly.
Settlement funds sent to a fraudster
A conveyancing client receives spoofed trust account details from a compromised email thread and pays settlement money to an account controlled by a third party. This usually runs as a cyber and social engineering loss rather than a professional indemnity claim, and the two wordings need to line up.
Worth confirming in the wording
- Worth confirming exactly how the excess layer attaches to your state scheme policy so there is no gap between where one stops and the other starts.
- Worth confirming whether social engineering and payment redirection loss is addressed, and under which policy it is intended to sit.
- Worth confirming how work performed through a related entity, such as a separate conveyancing, migration or advisory company, is treated.
Common questions
Do I need cover beyond the compulsory scheme?
It depends on the size and type of work you handle. Firms doing large commercial transactions, property development or substantial litigation commonly arrange excess of loss layers above the scheme limit, because a single claim can exceed it. Firms with smaller matters may sit differently. A broker can size it against your transaction values.
Can I choose a different insurer for the base layer?
Generally not. Australian law practices obtain compulsory professional indemnity through the single approved scheme in their state, and holding it is a condition of a practising certificate. The scheme rules are set by that body, so the broker conversation is normally about the layers and covers sitting above and alongside it.
What happens when I close or sell my practice?
Because cover is claims-made, matters completed years ago can still generate a claim after the doors close. Scheme rules and run-off arrangements differ by state, so it is worth checking the position with your scheme and arranging run-off for any excess layers before the practice winds up.
What does excess of loss cover cost for a law firm?
It depends rather than following a set rate. The main drivers are the areas of law practised, the number of principals and fee earners, the size of transactions handled, the scheme limit already in place beneath the layer, and the firm's claims history.
General information only. Cover, limits and exclusions depend on the PDS, TMD, eligibility, underwriting and the policy terms. See professional indemnity insurance for the wider picture.
10 Years Advising Steadfast Network Access Licensed Australian Brokers Australia-Wide
Quotes That Are Fast And Easy
Get a quote fast. Compare quotes from multiple insurers. Get the best deal for your solicitor professional indemnity.
How Do You Get Started?
We make solicitor professional indemnity fast and easy at Insurance Time. Get a quote today.
-
Start a quote.
Fill the quote form above, or call us on 0418 166 122.
-
Quotes gathered.
Our team will approach insurers and gather your options.
-
You're covered.
Choose your option and receive your policy documents.
Why Choose Insurance Time
Protect yourself with cover arranged by a licensed Australian broker who explains it in plain English.
Professional
Our team are experienced in solicitor professional indemnity and licensed to advise on it.
Experienced
Ten years advising Australian families and businesses, with Steadfast network access.
Renewal management
Our team will manage your renewals and keep you informed and up to date.
24/7 claims
Notify us of a claim 24/7, 365 days a year.
Cover Options
We can arrange different levels of cover for you and your business.
Motor vehicles and fleets
Third party to comprehensive motor and fleet cover.
Public liability
Protection for third party property damage or personal injury.
Business package
Customised cover for your business assets and liabilities.
Personal insurance
Protection for you and your family.
Property
Protection for your personal and business premises and contents.
Workers compensation
Cover questions for your employees and workers.
Get A Quote. It's Complimentary.
It's time to review your solicitor professional indemnity.
General information only. Any cover depends on the PDS, TMD, eligibility, underwriting, and policy terms. We use your details to respond to this enquiry.