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.
View our updated list of insurers along with their financial security rating and what size of firm they cover.
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.
Our FAQs have been compiled to help solicitors to better understand the complex area of professional indemnity insurance.
Information about outcomes-focused regulation, professional indemnity insurance and all aspects of compliance with the SRA Code of Conduct 2011.
Details of the assigned risks pool, a safety net for firms who cannot get qualifying insurance
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.
Latvian insurer Balva's license has been suspended as a result of regulatory 'deficiencies'.
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The Icelandic Financial Supervisory Authority announced that it has withdrawn the operating licence issued to the European Risk Insurance Company (ERIC).
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.
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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.