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Professional indemnity insurance renewal situation

1 October 2013

Firms in the extended indemnity period unable to obtain cover by 30 October will enter the cessation period, and must notify the SRA by emailing insuredreports@sra.org.uk by 6 November.

Find out more about the extended indemnity period.

During the 60 day cessation period, firms are not permitted to take on new work but are permitted to continue to work for existing clients. Firms can continue to search for PII cover to avoid closure by the end of the year.

We are aware that a number of firms have yet to obtain professional indemnity insurance for the year beginning 1 October 2013. Precise numbers are unclear at the moment. However, it is important that members of the profession who are affected should be aware of the options available.

Under the new rules, firms have an Extended Indemnity Period (EIP) of 30 days and a further 60 days in the Cessation Period (CP) if they are unable to obtain cover. This provides a further opportunity for firms to obtain insurance.

If they fail to do so, firms will be restricted in the work that they can undertake and will need to move towards closure.

A number of insurers are still considering and accepting business. These are:

  • AmTrust
  • Chancery Pii - for one to four partner firms
  • Law Select
  • Travelers
  • WR Berkeley - but not for conveyancing firms
  • Elite - but not for sole practitioners

For further information about segments and types of firms that these insurers cover, see the Law Society’s guide to insurers.

Solicitors experiencing difficulties obtaining PII can also:

Solicitors without insurance must notify the SRA within five working days of entering both the EIP and CP - see Rule 17.3 of the SRA Indemnity Insurance Rules and the SRA’s notice to firms. The address to contact is: insuredreports@sra.org.uk.

 

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