Professional Indemnity Insurance (PII) can be one of the largest single payment obligations for a professional practice each year, so trying to secure the most cost-effective cover is the first step for many firms. Once a suitable quotation is found, the next hurdle is often to try and quickly secure funding against the liability, as it can represent a large cash outlay.
United Trust Bank were asked to address the funding requirements of a sizeable, 10 partner law firm based in the North of England, who were looking to fund their full premium over an 18 month term to match the term of their PII cover. The firm have been established for well over 100 years and generate a substantial amount of revenue each year, of which a large portion relates to personal injury and medical negligence cases. They therefore prefer to hold on to their existing cash reserves to help with case acquisition and work in progress.
We were able to provide the client with a quick decision, at a highly competitive rate which gave the firm the comfort that their insurance provider would be paid on time and that they weren’t eroding their existing working capital reserves. Our payments team ensured that once we’d received the client’s signed documentation, we were able to release the funds the same day without delay.
Term: 18 months