The 2014 Brian Withers Award was presented to Martin Keith in recognition of his significant and valuable contribution to the Society and the profession as a Director and Chair of Lawguard Management Pty Ltd.
Mr Keith joined the Board of Lawguard in 1999 and at the end of that year, the Total Equity of the Professional Indemnity Insurance Fund managed by Lawguard was a little over seven and a half million dollars.
In February 2001, Martin was appointed Chairman of Lawguard. At 30 June that year, the Total Equity of Professional Indemnity Insurance Fund was nine and a half million dollars.
During this period Lawguard's decision to stay with existing underwriting/ reinsurance arrangements in the face of cheaper premiums being offered by HIH was justified by the collapse of HIH/FAI General Insurance in March 2001.
Because of the HIH/FAI collapse the entire insurance market was then in considerable turmoil. Under the wise and steady guidance of Lawguard, the SA Professional Indemnity Insurance Fund weathered the storm significantly better than the insurance schemes of other professions.
After the HIH crisis, the mid 2000s were a period of consolidation for Lawguard and the Professional Indemnity Insurance Fund. As at 30 June 2008 the total equity of the Professional Indemnity Insurance Fund had reached more than twenty two and a half million dollars.
During the 2007/08 policy year the cover provided for each claim increased from $1.5million to $2million, generally in line with the coverage provided by other State schemes.
The late 2000s will be remembered for the impact of the Global Financial Crisis on investment returns. Again, under the wise and steady guidance of the Lawguard Chairman and his Co-Directors, the Professional Indemnity Insurance Fund was able to absorb the effects of the Crisis without the need to raise additional funds from the profession.
The Base Insurance Premium Contribution per practitioner had (up to the 2014/15 Scheme year when the premium is calculated on a per firm basis) remained at the same figure - $2,400 - for the last three years – after being reduced in both the 2009/10 and 2010/11 Scheme years.
This cover is undoubtedly one of the most cost effective in Australia. Although the figures for the various PI Schemes in Australia are difficult to compare – because they are calculated in different ways – as best as we can work out the SA premiums are between $1,350 and $4000 cheaper than premiums for PI Insurance in other States of Australia.
Mr Keith was a long-serving member of the Law Society. He had been on several committees, including the Civil Litigation Committee, Murray Law Library Committee, Bulletin Committee, Professional Standards Committee, Council Disciplinary Committee and GDLP Course Advisory Committee. He was President of the Society in 2000-01 and had represented the Society as a Director of the Law Council of Australia.