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 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.
Information for small firms who have not yet secured professional indemnity insurance for the upcoming year.
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.
Advice for solicitors or former solicitors who were principals in a firm that ceased to practise whilst being insured with Lemma Europe.
The Law Society has today unveiled a new direct route to professional indemnity insurance (PII) cover for small solicitor firms.
The Law Society has criticised a report by the Legal Services Consumer Panel which suggests that there should be a single compensation fund for all legal service providers.
Law firms hit with the news that their insurance provider is facing possible insolvency have been urged by the Law Society to break the cycle of opting for unrated insurers and look instead for rated cover this coming renewal period.
Details and information about run-off cover
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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.