Electronic Funds Transfer (EFT) – direct to Law Mutual (WA)’s financial institution account – this is maximum green method of fee as funds are commonly cleared within two commercial enterprise days. Please quote the respective invoice quantity on every EFT fee to Law Mutual (WA). Payment details are supplied on every bill generated with the aid of Law Mutual (WA).
Cheques – please cope with to the Law Mutual Fund and mail to Law Mutual (WA). It can also be directly deposited into Law Mutual (WA)’s bank account over-the-counter at a branch of your banking institution. The price range are concern to clearance and this can take 3 to 5 commercial enterprise days.
Credit Card – To pay by way of credit card, the remittance advice section of every invoice will need to completed and sent lower back to Law Mutual (WA) for processing via a web credit score card charge facility. Credit card payment instructions may be communicated to Law Mutual (WA) with the aid of phone, electronic mail or at its workplace. Funds aren’t right now available to Law Mutual (WA) until remitted via the credit card service provider. This manner can take in to two to three commercial enterprise days. Credit card bills also attract a processing rate of 1.1175% of the invoice quantity which covers service provider fees.
Premium Funding – Premium funding is a facility that improves coins waft via presenting a cost effective monthly instalment option to pay your expert indemnity insurance top rate. Applications will need to be submitted to the top class investment issuer and can take some weeks depending on the funder’s assessment process. Information and quotations on funding may be sought from the subsequent two extra commonplace providers.Marsh Premium Funding
To request a top class investment application, to fund payment on your professional indemnity insurance top rate, please email your request to [email protected] along with your Law Mutual (WA) bill.
Westpac Insurance Premium Finance
For fashionable facts on top rate investment see Westpac Insurance Premium Finance. To request a aggressive quote to fund fee of your professional indemnity coverage premium, please e-mail your request to [email protected] at the side of your Law Mutual (WA) bill.
Law Mutual (WA) does now not provide any instalment payment plans and cannot take coins payments. You will need to use with a top rate investment provider to fund your top rate by using instalments.
Regulations require regulation practices to pay their full annual contribution and administration levy by way of 15 May previous the graduation of the Insurance Year (Regulations 83 and 88).
If this date falls on a weekend or public vacation, payment is due the subsequent business day. Should payment now not be made via 15 May of the relevant yr, a ten% late lodgment charge may be imposed pursuant to Regulation 89(1) See Clause 6.8. The overdue lodgment price will not observe supplied any fee made by using the 15 May is cleared within five (5) days thereafter.
We can’t receipt bills until the price range have cleared through our bank account. Once bills are absolutely receipted, a replica of the receipt can be emailed to the email address prescribed inside the present day renewal application from the Law Practice.
The Legal Practice Board may be notified of compliance on the following commercial enterprise day after your price is receipted.
As a reaction to the COVID-19 crisis, Law Mutual (WA) has changed the charge terms for insurance below the coverage preparations for the 2020/2021 coverage yr. The info of the changes can be located right here.
Any law exercise that doesn’t pay its renewal bill and past due lodgment costs (if any) before 30 June for the subsequent Insurance Year, could have its invoice withdrawn and cancelled effective as of 30 June and will have no coverage cover for the ensuing Insurance Year. Law Mutual (WA) may, at its absolute discretion, reinstate the invoice and be given a charge on or after 30 June.
In the not likely scenario where an existing law practice continues to exercise into the following Insurance Year without having both applied for or paid for coverage then:until a Certificate is issued, the Law Practice might be practicing in contravention of the Legal Profession Act 2008;The Law Practice, its Principals, Directors and its Employees may be uninsured, andThe Law Practice won’t be capable of recover its expert fees.
Law Mutual (WA) is not obliged to provide cover for the subsequent Insurance Year if the Law Practice has no longer paid any extraordinary invoices by 15 March (Regulation ninety one).