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.
News a key legal regulator has given the go-ahead for an unregulated business to start employing solicitors to advise its clients was met with alarm by the Law Society of England and Wales which said rules were being relaxed without proper scrutiny.
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.
For third year in succession, the majority of solicitors' firms experienced a smooth PII renewal process.
Robust PII is vital to protect clients and the solicitors who act for them.
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 Law Society has welcomed the Legal Services Board's thematic review of restrictions on choice of insurer.
Solicitor firms should be able to choose the most appropriate regulator for their business, but client protection must not be compromised in the process.
Competition from rated insurers has reduced small law firms' reliance on unrated insurers, leading to a relatively trouble-free PII renewal.
Chancery Pii has unveiled its renewal offer for small firms with between one and four partners.
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.
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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.