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Full: For 1...5...6 seconds, while using a shield, you have a 75% chance to block incoming attacks, and damage is reduced by 2 for each rank of Strength (maximum 15 damage reduction).
Concise: (1...5...6 seconds.) You have 75% chance to block. Damage is reduced by 2 for each rank of Strength (maximum 15 damage reduction). No effect unless you have a shield equipped.
This skill is often used by "tanks" who need an opportunity to heal themselves. They often cast Shield Stance first, then use Healing Signet while in the stance so as to avoid taking damage during the casting period.
Despite the skill's description, even if you are not wielding a shield you will still move 33% slower.