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.
What is run-off cover and do you need it?
News the Solicitors Regulation Authority (SRA) is to drop proposals to lower the levels of professional indemnity insurance (PII) was today welcomed.
The compensation fund provides compensation to people who are owed money by a regulated law firm.
We are increasingly concerned by the Legal Services Board's lax approach to the regulation of the legal profession.
We have responded to the SRA's application to the LSB to carry over the existing rules for PII and the Compensation Fund into the new Handbook.
Legal firms are facing a Professional Indemnity Insurance (PII) dilemma as the insurance market shifts quickly towards hardening conditions not experienced for many years.
This practice note details how firms can act if their participating insurer becomes insolvent.
This practice note has advice on the PII requirements in the current market, how you should apply and how much cover is required.
Changes to the insurance environment mean law firms need to take a close look at their own arrangements this year.
Read the Law Society's annual surveys of solicitor's renewal experiences to ascertain areas of difficulty and analyse market trends.
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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.
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.