Following the 1st October 2019 renewal date of the Solicitors Indemnity Fund (SIF), legal firms in Hong Kong benefit from an increased protection of HK$20,000,000 for any one claim. In the event of a significant loss, the limit of liability provided by SIF may not be sufficient.
A Solicitors Top-Up Insurance program remains a vital risk transfer and balance sheet protection tool for legal firms. Additional protection of up to HK$2bn of capacity is readily available from leading insurers in Hong Kong at attractive premiums, providing significant value when compared to the contributions required by SIF.
Capstone Corporate has worked closely with leading insurers to develop our own Solicitors Top-Up Policy contract, which provides our clients with coverage beyond what is traditionally available from insurers in Hong Kong, who provide “off the shelf”products. This ensures a more comprehensive level of protection for our clients.
The team at Capstone has worked with some of the largest local law firms, advising on insurance program design, placement and claims management. Our market leading knowledge allows us to tailor make solutions for Firms of all sizes.
In addition to insurance needs of local registered law firms, Capstone’s team can also assist Foreign Registered Law Firms in securing professional indemnity insurance which is compliant with the Law Society’s requirements.