The Law Society has created a series of advice products to address some of the issues surrounding professional indemnity insurance (PII) and outline your obligations. Our advice also provides you with information on market developments.
Outlines regulatory requirements when obtaining PII and explains the renewal process. It also contains specific advice for in-house solicitors, small firms and those experiencing difficulties obtaining insurance.
Provides information about the rights and responsibilities of solicitors, brokers and insurers when buying PII. It is a must-read for those solicitors interested in making the most of the open market this renewal.
A tool to help estimate the likely cost of run-off cover on retirement
A list of insurers that have indicated that they intend to apply to become qualifying insurers for 2012-13 and the practice sizes to which they will consider providing cover.
Find out more and download the composite proposal form.
Useful resources if you are looking for a PII broker.
These FAQs have been compiled to assist solicitors better understand the complex area of professional indemnity insurance (PII).
We have drafted a model retainer letter which you may wish to consider when engaging a professional indemnity insurance broker.
This is the final indemnity year where firms that cannot get cover from qualifying insurers can enter the assigned risks pool (ARP). The ARP will be abolished from 1 October 2013 and replaced with an extended indemnity period.
Outlines solicitors' regulatory requirements on ceasing to practice, including the PII implications.
Frequently asked questions about the run-off cover requirements.
A tool to help solicitors estimate the likely cost of run-off cover for the purpose of retirement planning.
The Law Society conducts an annual survey of solicitor's renewal experiences to ascertain areas of difficulty and analyse market trends. Survey results have been redacted for confidentiality where they identified individual insurers or brokers.
The Law Society's professional indemnity insurance (PII) initiative aims to create a stable and competitive insurance market to ensure affordable and accessible insurance for the entire profession.
In this one hour free webinar our industry experts forecast the market conditions for 2012 PII renewal.
Our PII renewal facility offers specially negotiated rates to Lexcel and Conveyancing Quality Scheme members in association with Aon UK.
Insurance Matters keeps members informed of key issues, changes and trends in both the general insurance market and the solicitors' PII market.
Improve profitability and reduce costs - get the legal quality mark
The complete online CPD solution - search, book, and record training
Financial services and OFR compliance support for solicitors