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.
For the second year running professional indemnity insurance (PII) renewal went smoothly for the vast majority of firms, our 2015-16 PII survey has found.
This practice note outlines the regulatory and legal requirements that apply when a firm's client account has fallen victim to scammers.
We have responded to the SRA consultation on proposed changes to the minimum terms and conditions of the professional indemnity insurance rules.
We have launched a new webpage to help firms protect themselves against being scammed and providing support if they have fallen victim to fraudsters.
FCA announces disciplinary action taken against five individuals and three insurance firms in connection with solicitors' PII schemes.
The Law Society has again called for explicit statutory protection for legal professional privilege in its evidence to the Draft Investigatory Powers Bill Joint Committee.
The Metropolitan Police are distributing posters to businesses with information on how to avoid and report fraud attempts.
This practice note has advice on the PII requirements in the current market, how you should apply and how much cover is required.
View our updated list of insurers along with their financial security rating and what size of firm they cover.
Our FAQs have been compiled to help solicitors to better understand the complex area of professional indemnity insurance.
Law firms' perceptions and experiences of professional indemnity insurance (PII) for the period 2014-15.
Competition from rated insurers has reduced small law firms' reliance on unrated insurers, leading to a relatively trouble-free PII renewal.
Read the Law Society's annual surveys of solicitor's renewal experiences to ascertain areas of difficulty and analyse market trends.
We welcome the LSB's decision not to approve the SRA's application to reduce the minimum level of PII cover from the current level of £2 million to £500,000.
The Law Society is aware that a number of firms who have successfully renewed their PII cover have received letters from the SRA suggesting that this is not the case.
Details of the assigned risks pool, a safety net for firms who cannot get qualifying insurance
The Law Society has today published its response to the SRA's call for evidence on client protections.
The call for evidence closes on Tuesday 30 September. We encourage members to have their say.
The SRA has announced that the current terms for compulsory PII will remain in force for the 1 October 2014 renewal.
Law Society president Andrew Caplen has responded to the Legal Services Board's and Solicitors Regulation Authority's announcements today.
The LSB has announced that it needs more time to consider the SRA’s application to reduce minimum professional indemnity insurance cover to £500,000.
The SRA Board are seeking approval to reduce the mandatory minimum level of compulsory cover to £500,000. We have raised concerns about the haste of the reforms and the absence of supporting evidence.
Chancery Pii has unveiled its renewal offer for small firms with between one and four partners.
Latvian insurer Balva's license has been suspended as a result of regulatory 'deficiencies'.
Read our reaction and advice on the SRA's decision to implement two of its proposals for new minimum levels of compulsory PII cover.
Read our response to the SRA's proposal to change who is eligible to claim on the Compensation Fund.
Read our response to the SRA's proposal to make changes to minimum compulsory professional indemnity cover.
The SRA has announced a wide-ranging programme of reform and the Law Society is urging its members to participate in the consultation. There is only a limited time to act, so please respond soon.
This practice note details how firms can act if their participating insurer becomes insolvent.
We urge firms not to delay getting ready for the 2014 renewal period and to start preparing their proposals.
The Icelandic Financial Supervisory Authority announced that it has withdrawn the operating licence issued to the European Risk Insurance Company (ERIC).
The Law Society provides further guidance to firms with claims outstanding on policies with insolvent insurer, Lemma.
This advice is designed to raise solicitors' awareness of the importance of considering whether their insurer will be able to meet claims under their professional indemnity insurance (PII) policy.
Law firms' perceptions and experiences of professional indemnity insurance (PII) for the period 2013-14.
Our professional indemnity insurance (PII) renewal survey reveals that despite a difficult renewal experience for firms of all sizes, the vast majority of firms were able to renew their insurance last October.
The Law Society's response to the SRA consultation on the introduction of a minimum financial strength rating for participating insurers.
Firms will be able to choose their own renewal dates for their professional indemnity insurance as of 1 October 2013. This is now set out in the SRA's Participating Insurers Agreement 2013.
Apro Management Limited, the manager of Berliner, has written to firms advising that it is uncertain whether that insurer will be able to write any solicitors' business in the 2013-14 renewal.
Advice for solicitors or former solicitors who were principals in a firm that ceased to practise whilst being insured with Lemma Europe.
Details and information about run-off cover
Are there hidden dangers in opting for 'cheaper' quotations? Read Law Society advice on choosing an insurer.
Law firms' perceptions and experiences of professional indemnity insurance (PII) for the period 2012-13.
Solicitors with Quinn run-off policies can continue to notify claims via the claims notification procedure set out in their policy.
A recent High Court decision provides helpful guidance to firms about what constitutes a valid notification of a circumstance under the solicitors’ minimum terms and conditions PII policy.
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.
Each year the Law Society conducts research to understand the extent to which firms experience difficulties in obtaining professional indemnity insurance (PII).
The Law Society continues to support the abolition of the assigned risks pool (ARP) and introduction of the extended indemnity period (EIP)
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 (...
We are encouraging all solicitors to ask their broker what they will receive in commission from insurers this renewal.
We are delighted that the PII facility for our valued Lexcel and CQS accredited firms we have been working on is now in place.
Questions or concerns about professional indemnity insurance? Phone our PII helpline on 020 7320 9545, open weekdays from 09:00 to 17:00.
More help for firms concerned about the financial security of their insurer.
A fresh approach to solicitors' PII for 1-4 partner firms.
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.