Whilst there is widespread agreement that something needs to be done to address the problems in the market for solicitors’ professional indemnity insurance, there is less agreement over exactly what changes should be made.
The Solicitors Regulation Authority (SRA) recently made a number of proposals, including a reduction - from 12 months to six - in the amount of time any firm having difficulty renewing its PII should be allowed to stay in the Assigned Risk Pool; and ultimately for the abolition of the Pool altogether and its replacement with a three month extended policy period for affected firms.
But major insurance company, Zurich, has announced that it does not believe that these proposals will meet the real challenges. It may be a case of too little, too late. Zurich is concerned that without substantive change this year, it is likely to be another very difficult period for solicitors seeking to renew their professional indemnity insurance.
Professional indemnity insurance, at highly competitive prices, is available for hundreds of different professions at 0333 3211 403.
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