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 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.
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.
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.
The Solicitors Regulation Authority (SRA) has published a list of firms that have closed due to their failure to secure professional indemnity insurance (PII) following the closure of the assigned risk pool (ARP), the Law Society's insurer of last resort.
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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.