A guide to top-up or excess layer insurance
25 January 2013
The Solicitors Regulation Authority (SRA) requires all firms to take out a minimum level of professional indemnity insurance (PII) cover. However, the principals of each firm will need to form an individual assessment about whether this minimum level of cover is sufficient for their practice.
This guide is intended to assist solicitors by outlining a non-exhaustive list of factors that should be considered when assessing the adequacy of their PII arrangements and the potential exposure of the firm to risk.
The guide highlights situations where it may be prudent to purchase top-up or excess layer cover and the potential pitfalls for firms and individual principals if they fail to select the right level of PII.