A solicitor’s Professional Indemnity Insurance policy (PII) protects you in the event that your client, or a third party, files a claim against you arising from the legal services that you provided. Negligence, breach of trust, and defamation are possible allegations. PI claims typically arise from an alleged failure to meet your duty of care. […]
Solicitors Professional Indemnity Insurance: What Does It Cover? Read More »
The SRA Standards & Regulations took over four years to finalise and whilst many of the changes they introduced are fairly unnoticeable, this is not so for the ways in which the legal market has been widened by relaxing the ways in which solicitors can practise. As one example, the scope of solicitors’ independent practice
Freelance Solicitors and PII: What you need to know Read More »
For all those whose PII renewal date has just passed on 01 October, you can let out a sigh of relief as your PII cover should now be in hand. But before you get back to your day job and forget about PII completely, it is worth mentioning that PII is a year-round process and
Solicitors PII renewed, time to relax? Read More »
Taking into account the current state of the PI market and issues surrounding risk management raised by COVID-19, here are our top tips on how to manage your next renewal: Don’t wait to get started The more complete the proposal forms and any additional information you provide the insurers early on, the better chance your
Tips to manage your PII renewals Read More »
After 30 September 2022, the Solicitors Indemnity Fund (SIF) will no longer accept new claims. In order to protect yourself from possible future claims, you should understand what this means for your firm. What happened After both the SRA and SIF were assured that the extension was affordable, the Solicitors Regulation Authority (SRA) has confirmed
Closure of The Solicitors Indemnity Fund: What does it mean for your firm? Read More »
In a difficult professional indemnity market for solicitors, headlines in the legal and insurance press can be demoralizing, constantly reminding lawyers that we are experiencing the hardest market in recent years for this PI insurance. In addition to the financial pressures from increased premiums, law firms are dealing with the practical, professional and financial effects of the global pandemic. However it is worth taking a broader perspective on the matter of renewals, namely that there remains a solid pool of A Rated
Pandemic Ramps Up Pressure On PII Read More »
Runoff is the name given to professional indemnity insurance designed specifically to cover the liabilities of a business after it ceases to trade. Any claims made by clients under the time period covered by the runoff policy will relate to work carried out before the business stopped trading, therefore covering legacy issues. It is normally the insurer who is providing the
Run Off Cover: A Solicitor’s Guide Read More »
The process for renewing Professional Indemnity Insurance (PII) for solicitors is becoming increasingly difficult. Many firms have seen substantial premium increases, and some insurers have been declining to insure solicitors at all resulting a small percentage of law firms being left without cover and having to close as a result. The traditional renewal date for
Challenges faced by Solicitors when renewing PII cover Read More »
Cybercrime has increased significantly in recent years, intensifying during the 2020-21 Pandemic, causing incalculable damage to businesses and services. Cyber-security breaches cost billions of pounds each year and account for half of all crime committed in the UK. Cybercriminals’ attacks are becoming increasingly sophisticated with threats emerging domestically and by international criminal organisations; motivated by
The Escalating Risk Of Cybercrime For Law Firms Read More »
