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Marsh Professional Indemnity Insurance Top-up

Choosing the right Top-up cover for your Professional Indemnity Insurance (PII) is essential to avoid potential financial costs due to claims pay out shortfalls between the mandatory PII coverage and actual loss incurred.

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What are the key considerations in determining the right Marsh Professional Indemnity Insurance Top-up?

Did you know that, even with a Top-up policy in addition to your PII coverage, you may still incur out-of-pocket financial liabilities?

There are a few reasons why your PII and Top-up policy may not be able to fully cover your legal practice:

  • Lack of a proper risk review assessing maximum probable loss.
  • Insufficient Top-up cover limits for your legal practice’s needs.
  • Having Top-up PII coverage with terms and conditions (e.g. sub-limits) that may prevent a successful claim or results in a lower offer of settlement.

To avoid adverse claims outcomes, review your existing PII coverage with a broker that can advise you on the optimal Top-up cover based on the areas of your practice, limits of indemnity as determined by your clients, and the value of case files in the case of a lawsuit.

What you can get for your Marsh Professional Indemnity Insurance Top-up

Marsh Professional Indemnity Insurance Top-up covers the insurance needs for a legal firm by providing comprehensive coverage:

  • The Top-up Limit of Indemnity is on every claim (similar to the Mandatory Limit)
  • Retroactive cover is unlimited and covers your firms for all legal work conducted since the firm was established.
  • Cyber Liability offers full limit coverage for legal liability as advocates and lawyers in respect of any cyber event.
  • Defence costs in a claim are covered in addition to the Limit of Indemnity.
  • The full Top-up Limit for misconduct claims shall apply on an aggregate basis.
  • Per day compensation for court attendance required in a PII claim which involves the Top-up layer.

We can issue an immediate quotation for Top-up limits of up to RM30 million. We also have Top-up for Takaful Certificate. For higher limits, we will be able to secure competitive quotations within 5 working days.

Why Marsh

With more than two decades of experience working with Malaysian law firms, Marsh comes with vast knowledge and full awareness of the various risks faced by law firms and is committed to offering a range of solutions tailored to the needs of the legal profession.

Act now to safeguard your law firm with Marsh Professional Indemnity Insurance Top-up

Contact our experts now for a non-obligatory consultation.

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1 What you should know about Top-up insurance, Praktis (2021), https://www.praktis.com.my/all-articles/what-you-should-know-about-top-up-insurance

FAQs

How do increase my Top-up limit?

Click on Get a quote and submit the completed form to mbar@marsh.com.

The compulsory information required are:

1.The Top-up amount request (e.g. RM5 million)

2. The effective date for the Top-up to be commenced. (No backdated Top-up quotation is allowed.)

How do I purchase a Top-up cover?

You have the option to purchase Top-up insurance after you have completed the PII online renewal. This Top-up option is quoted by the PII Scheme Insurance Broker, Marsh. Otherwise, you may email us at mbar@marsh.com to request for a quotation.

When does the renewal start?

Renewal starts in August or September every year. You will receive an email from Marsh by the first or second week of August inviting you to submit your Proposal Form online.

If you did not receive the email notification for online renewal, please contact Marsh at mbar@marsh.com

For Mbar enquiries:

Phone: 03-2723-3241 
Email: mbar@marsh.com

Our people

Johan Shahar

Johan Shahar

Vice President, FINPRO - Malaysian Bar PII Scheme

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