FAQ's: Premium

Search the following list for the the most commonly asked questions on LPLC premiums

Why am I insured with LPLC?

In December 2004, the Victorian Bar Council resolved that all Victorian barristers would be insured with the LPLC.

Provision was made for the Bar to be able to pass such a resolution in proclaimed sections of the Legal Profession Act 2004.

Barristers were not required by law to be insured until 1996 with the commencement of the Legal Practice Act 1996.

Most barristers were then insured by HIH until it collapsed in 2001. This left many barristers exposed to claims with no solvent insurer to pay them. Those subjected to unpaid claims had to fund those claims themselves.

The Victorian Bar then encountered difficulty finding an insurer for barristers, particularly one that was prepared to meet terms and conditions required by the Legal Practice Board.

Barristers insuring with LPLC have

 

What happens if I retire?

You and indeed your estate will be covered for claims made against you arising out of your practice as a barrister under the LPLC run-off policy. The LPLC run-off policy incorporates the current policy for barristers.

This cover is provided AT NO COST. There is no need to complete any documentation in respect of this cover (although you must of course notify us if you receive or become aware of a possible claim). It attaches automatically once you cease practice.

Read the Run-off Policy

 

Can I get a refund of insurance if I surrender my practising certificate?

Yes, a pro rata refund is available. Contact LPLC

 

Can I take out cover for a limited period?

No - you must take out cover which runs for the same period as your practising certificate. If you intend to practise for less than this period, you can apply for a refund when you surrender your practising certificate.

 

Key contact

Bernie Mallia
+61 3 9672 3800
bernie@lplc.com.au