solicitorsindemnity

PII cover is typically renewed on 1st October by the majority of solicitors, but asubstantial proportion do it on 1st April. It is possible to predict how the market mayreact in October by examining the outcome of the April season, although it is notdefinitive. There is currently unease in the PII market. There is a […]

Recent changes to insurers’ arrangements for the provision of Professional Indemnity Insurance for licensed conveyancers has been welcomed by the Society of Licensed Conveyancers (SLC). Now, from 2023, Council Licensed Conveyancing (CLC) firms must submit at least one PII application two calendar months ahead of their renewal deadline. The new changes mean that it will

As a result of the pandemic, the legal profession has realized that remote working is a viable option, and some individuals are eager to keep working remotely full-time. Under the Minimum Terms and Conditions (MTCs) for primary PII insurance, a fee earner working from home in England and Wales is covered in the same way

The cost of professional indemnity insurance (PII) is one of the major overheads for new law firms starting out in business.  The SRA requires all firms starting a new practice to carry professional indemnity insurance, but the costs of this essential class of insurance vary greatly between insurers. The Solicitors Regulation Authority (SRA) dictates policy

Law Firms advised to be proactive ahead of PII April renewals For a busy law firm, it is easy to postpone renewing Professional Indemnity (PI) insurance. However, with the hardening insurance market we are experiencing right now, insurers will have a choice of companies to choose from. Renewals of professional Indemnity cover made later in

In the UK, lawyers and law firms incur major overheads due to professional indemnity insurance (PII). Although we have only just entered 2022, the April 2022 solicitor’s PII renewal season is rapidly approaching. It is more important to note that insurance companies enter and exit the market at an alarming rate. Therefore, it is now

Several high-profile insurers have withdrawn from the financial adviser market due to poorly performing accounts. As a result, the market for professional indemnity insurance has hardened. In a sector where so few insurers compete, there is less competition. Consequently, the remaining insurers have been able to increase their rates and return to profitability after suffering

In the last few decades the legal profession has changed almost beyond all recognition. New working practices, use of technology and new regulation by industry bodies have introduced both benefits and challenges. Most correspondence is via email now, clients have evolved to expect instantaneous responses and supervision has become more difficult as the industry has

The SRA are now inviting views from within the legal industry regarding options to replace the SIF (Solicitors Indemnity Fund) and PSYROC (post six-year run-off insurance cover). PSYROC is an additional cover for law firms that shut up shop without a successor practice, on top of the six-year run-off cover provided by their standard professional

Despite the unprecedented difficulties over the last 18 months, smaller law firms appear to have survived the pandemic quite well so far, but there is a very real concern that increases in the cost of professional indemnity insurance (PII) may ultimately push them out of the market place. Smaller firms have indicated a high confidence