This practice note 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.
This information is designed to assist solicitors to better understand the PII market to help make this important business purchase.
The financial security of your insurer is important. This advice is designed to raise solicitors' awareness of the importance of considering whether their insurer will be able to meet claims under their PII policy. More help is available in the right hand column of this page.
On 23 March 2018, the Solicitors Regulation Authority (SRA) released its consultation 'Protecting the users of legal services: balancing cost and access to legal services'. This briefing provides members with an overview of the SRA consultation.
Reducing consumer protection standards in legal services would hurt solicitors and clients alike, the Law Society of England and Wales said in response to proposals to slash levels of mandatory professional indemnity insurance (PII) cover for solicitors.
View our updated list of insurers along with their financial security rating and what size of firm they cover.
The compensation fund is funded by contributions from individuals and firms regulated by the SRA. We answer some of the key questions about the fund, including what it covers and who can claim from it.
Solicitors' professional indemnity insurance (PII) is one of the top three overheads for most law firms. We've put together this guide with some tips on how to prepare for your renewal to give you the confidence that you have got the best terms for your business.
Professional indemnity insurance (PII) covers civil liability claims - usually professional negligence - in private legal practice. We answer some of the most common questions around PII, including who needs it and how much cover you need.
For third year in succession, the majority of solicitors' firms experienced a smooth PII renewal process.
Read the Law Society's annual surveys of solicitor's renewal experiences to ascertain areas of difficulty and analyse market trends.
Robust PII is vital to protect clients and the solicitors who act for them.
The Law Society has responded to the SRA's publication on solicitors' PII.
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Questions or concerns about professional indemnity insurance? Phone our Practice Advice Service on 020 7320 5675, open weekdays from 09:00 to 17:00.
Chancery Pii offers a dedicated service for 1 to 4 partner firms. Take a few minutes to complete our online form and get an indicative quote within 24 hours.
More help for firms concerned about the financial security of their insurer.
How much do you know about the PII market? See how your firm’s experience measures up with the market trends.
Our Pii initiative aims to create a stable and competitive insurance market to ensure affordable and accessible insurance for the entire profession.