All Solicitors and Legal professionals regulated by the SRA are required to maintain a minimum level of professional negligence insurance. This is normally £3million for ltd firms or £2million for non-limited firms.
Solicitor’s indemnity is an ever increasingly difficult market. With a rise in claims, the demise of the Assigned Risk Pool (ARP) in September 2013, and an ever decreasing market share of insurers offering solicitors PI insurance this already specialist cover is becoming more complex than ever.
With renewals due on 1st October insurers are keen to accept proposal forms well in advance of the renewal date and many insurers will look at terms some five months in advance. It is best practice to start this process early as proposal forms are becoming more complex and the requirement for proposal forms seems to be becoming mandatory, even when obtaining renewal terms from your existing insurer for your solicitor indemnity cover.
We work with a number of leading insurers in the Solicitors PI market and we make the quotation process as painless as possible as we understand that this is a time consuming and complicated process. Our aim is to work with you and understand your requirements making sure you get the right cover for your business.
We are able to offer policies for 12 and 18 months therefore securing your premiums in the event of price increases.
We can offer professional indemnity insurance policies to solicitor firms from 1 partner up to 25 partners and we can offer these insurances from our panel of A rated insurers, even for the smaller size firms.