Marsh, in conjunction with the Australian Corporate Lawyers Association (ACLA), has developed a new Professional Indemnity Insurance product for in-house legal counsel in response to their growing concern over their potential liabilities and obligations.
Asia Pacific Head for Financial & Professional Services (FINPRO) at Marsh, Ray Armstrong, said the new Corporate Lawyers Insurance protection arranged by Marsh will fill an important insurance gap in the legal profession.
"Previously, there has been little, if any, insurance cover for in-house lawyers in Australia. Compulsory insurance for solicitors in private practice will not cover all the liabilities of in-house lawyers.
"In-house counsel are playing an increasingly important advisory role within organisations and commercial negotiations and this exposes them to greater liability," Ray said.
The policy, underwritten by a leading Lloyds of London syndicate, operates on an individual basis, providing personal 'sleep at night' protection. It comes with a limit of indemnity of $1m and sub-limit for legal costs of $250,000 in all cases.
The product covers pro bono work and is ideal for in-house lawyers sitting on charitable boards.
ACLA is the peak national association representing the interests of more than 10,000 lawyers (over 20% of the legal profession) working for corporations and government in Australia. Lower premiums are available for ACLA members.
Coverage is for the defence of actions brought by third parties (not the in-house lawyer’s employer or personnel) against in-house counsel.
For more information, including how to apply for Corporate Lawyers Insurance, go to www.acla.com.au and / or contact Justin Meyer at Marsh on ph. 03 9603 2208.
