LPLC provides professional indemnity insurance (PII) services for Victorian legal practices and many of Australia's national law firms. Here we provide general information about the key features of LPLC’s cover.
Australian legal practitioners who engage in private legal practice are required to:
All Victorian law practices must insure with LPLC unless granted an exemption by the LSB.
LPLC’s insurance policy indemnifies a law practice against claims for civil liability in connection with the provision of legal services.
The period of insurance is for 12 months from 1 July to 30 June and the policy covers:
Cover under the policy extends to all current and former principals and employees of the law practice, as well as any prior practice merged into the law practice.
The current limit of indemnity is $2m (including defence costs) for any one loss.
While most claims constitute a separate loss, in some circumstances multiple claims are aggregated under the policy and treated as a single loss.
The insurance policy wording complies with the minimum standards required under the Legal Profession Uniform General Rules 2015 and is approved by the Victorian Legal Services Board each year.
LPLC’s insurance scheme provides financial protection for law practices against professional liability claims, and also benefits consumers of legal services when claims are made.
Particular features of the scheme are: