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.
Latvian insurer Balva's license has been suspended as a result of regulatory 'deficiencies'.
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.
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The Icelandic Financial Supervisory Authority announced that it has withdrawn the operating licence issued to the European Risk Insurance Company (ERIC).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.
Law firms' perceptions and experiences of professional indemnity insurance (PII) for the period 2013-14.
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.
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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.