This year’s professional indemnity insurance renewal is likely to be one of the most difficult the profession has seen for some considerable time and many firms should already be making contingency arrangements in the event that they are not successful in placing their insurance business. This item looks at some of the issues.
In order to be able to practice, all solicitors must now have professional indemnity insurance taken out in accordance with the Solicitors’ Indemnity Insurance Rules and this must meet the minimum terms and conditions. It may be provided by a qualifying insurer or via the assigned risks pool.