Professional indemnity insurance

Last updated: 19 April 2012

Practice notes

Guides

Insurance Matters

Insurance Matters will keep members informed of key issues, changes and trends in both the general insurance market and the solicitors' PII market.

Email your comments and feedback

Additional resources

The Law Society has created a series of advice products to help you address some of the issues surrounding professional indemnity insurance (PII). We will also update members with information on market developments.

Practice notes and advice

Professional indemnity insurance

Our practice note describes PII requirements in the current market and details how you should apply, alongside related issues. It also covers what you should do if you're having difficulties obtaining insurance.
Read the PII practice note

In-house lawyers

The practice framework rules allow in-house lawyers to act for clients other than employers in certain circumstances. Depending on the circumstances you may need to have professional indemnity insurance (PII) in place.
Read more

Insolvency of a qualifying insurer

This practice note provides guidance for firms in the event that their qualifying insurer becomes insolvent.
Read the practice note on insolvency of a qualifying insurer

Closing down your practice

This practice note outlines the PII implications that arise from the closure of a practice in addition to other relevant regulatory requirements.
Read the practice note on closing down your practice

Back to top

PII guides

PII buyers guide

The Law Society has collaborated with the British Insurance Brokers' Association and the Association of British Insurers to produce a guide to buying PII for solicitors. It provides information about the rights and responsibilities of solicitors, brokers and insurers in the renewal process.
Download the guide (PDF, 200kb)

PII brokers guide

The Law Society has published a guide to choosing insurance brokers. This guide is currently being reviewed for the 2012 renewal. Find out when it has been updated by following us on Twitter.
Download the guide (PDF 162kb)

Guide to insurers 2011-12

A list of insurers that have indicated that they intend to apply to become qualifying insurers for 2011-12 and the practice sizes to which will consider providing cover.
Guide to insurers 2011/12 (PDF, 155kb)

When do in-house lawyers need PII?

The practice framework rules allow in-house lawyers to act for clients other than employers in certain circumstances. Depending on the circumstances you may need to have PII in place.
Read more

Frequently asked questions

Read our answers to some of the most frequently asked questions (FAQs) about the solicitors' PII market.
Download our PII FAQs (PDF, 243kb)

Back to top

List of brokers and insurers

How do I search for a broker?

There are two websites that are useful if you are looking for a broker.

  • FSA register - the Financial Services Authority (FSA) register is a public record of all the firms, individuals and other bodies that are regulated by the FSA, including PII brokers.
  • BIBA search facility - to search for a broker using the British Insurance Brokers' Association (BIBA) search facility, you should enter your postcode and then select sub-categories 'indemnity commercial' and 'professional indemnity - solicitors' to process your request.

FAQ: what happened to the Law Society broker list? See our full list of FAQs (PDF, 243kb)

List of qualifying insurers

Contact details for qualifying insurers can be found at:

View the list of qualifying insurers

Please note: Neither the Law Society nor the Solicitors Regulation Authority approves, vets or regulates the qualifying insurers.

Back to top

Model retainer letter

We have drafted a model retainer letter which you may wish to consider when engaging a broker. The model sets out the service standards that you should expect from your broker when organising your PII. We have been unable as yet to secure an agreed model and terms with either the British Insurance Brokers' Association or individual broking firms, but will continue to work towards this goal.
Download the model retainer letter (Word, 41kb)

Back to top

Assigned risks pool

The assigned risks pool (ARP) provides a 'safety net' for firms that cannot get cover from qualifying insurers or cannot reasonably afford the terms available to them. The SRA has released a Policy Statement outlining its plan to close the ARP and transition to an Extended Policy Period in 2013.
Read more

The SRA is currently consulting on the implementation of this policy as part of its second stage review of client financial protection arrangements.
Read about the review

Back to top

Dispelling the myths around indemnity insurance

We have addressed some common member misconceptions about PII.
Read more in the Gazette

Back to top

Online seminar: Best practice approach to PII

This webinar, produced by the Law Society in conjunction with Prime Professions, outlines a best practice approach to professional indemnity insurance for the 2011 renewal.

 

Renewal survey

The Law Society conducts an annual survey of solicitor's renewal experiences to ascertain areas of difficulty and analyse market trends.

Back to top

Accreditation schemes

Lexcel

The Lexcel standard provides legal practices with a supportive framework for their business that focuses on key practice management areas. By implementing Lexcel's requirements across all areas, practices can more effectively manage risk and enhance client service to reduce potential complaints or claims. As part of a practice's long term strategy, Lexcel accreditation may result in lower PII rates or provide more favourable treatment from insurers.
Read more

Conveyancing Quality Scheme

The Conveyancing Quality Schemes provide a recognised standard for residential conveyancing practices.
Read more

Back to top