LawCover, which insures lawyers in NSW, is the first of the state schemes to be awarded its own licence by the Australian Prudential Regulation Authority. It’s said to be an “unprecedented” move away from the general market for the NSW legal profession. Now known as LawCover Insurance, it will be a wholly owned subsidiary of the Law Society of NSW.

The Law Society, with the approval of the NSW Attorney-General, has contributed $6 million from its special reserves as initial capital. LawCover Insurance is designed to improve the stability and affordability of compulsory professional indemnity insurance for NSW lawyers.

Acting CEO David Martin says LawCover Insurance will provide “broad coverage for civil liability for consumers of legal services”.

“We will continue to service our customers with an equitable and transparent premium-setting process, an excellent and cost-effective claims management process, and by leading the industry in the provision of risk management and practice advisory services,” he said.