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.
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.
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.
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.
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.
We have responded to the SRA consultation on proposed changes to the minimum terms and conditions of the professional indemnity insurance rules.
The Metropolitan Police are distributing posters to businesses with information on how to avoid and report fraud attempts.
Our FAQs have been compiled to help solicitors to better understand the complex area of professional indemnity insurance.
Competition from rated insurers has reduced small law firms' reliance on unrated insurers, leading to a relatively trouble-free PII renewal.
Law firms' perceptions and experiences of professional indemnity insurance (PII) for the period 2014-15.
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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.