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.
PII is necessary and appropriate to protect clients and firms, the Law Society said today in response to statistics on PII claims published by the SRA.
The Insurance Act 2015 comes into force on 12 August and includes changes to PII.
The unrated insurer, Enterprise Insurance, has been declared insolvent and is no longer writing new insurance contracts.
This practice note has advice on the PII requirements in the current market, how you should apply and how much cover is required.
The Law Society has welcomed the Legal Services Board's thematic review of restrictions on choice of insurer.
We have responded to the SRA's consultation on removing the obligation for run-off cover when a firm switches from the SRA to another approved regulator.
Solicitor firms should be able to choose the most appropriate regulator for their business, but client protection must not be compromised in the process.
This calculator is designed to assist solicitors to work out an indicative figure that should be saved each year as part of their retirement planning to prepare for the likely cost of run-off cover under their minimum terms and conditions (MTC) policy.
Quinn Direct Insurance Ltd's UK portfolio has now been acquired by Catalina Insurance Ireland Limited, and Lawshield UK Limited are managing claims for them.
We have responded to the Council for Licensed Conveyancers' consultation on new professional indemnity insurance arrangements.
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Questions or concerns about professional indemnity insurance? Phone our PII helpline on 020 7320 9545, 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.