Professional Indemnity Insurance – Are you confident in Insurers and Brokers?

By Richard Gledhill
Business people discussing a deal

As we approach what is another busy Solicitors’ Professional Indemnity Insurance (PII) renewal date, 1st April, practices will be conscious of the need to ensure a good quality insurance solution is in place despite the continuing soft insurance market given the fact that, for many, PII is a significant capital outlay.

The first week of February 2016 has seen the withdrawal from the PII market of Elite Insurance, one of the unrated Insurers, after having only entered the market in 2012.

Coupled with this, your attention may have been caught by the headlines concerning the imposition of fines totalling £15.5m for five individuals and two firms relating to the failure of Insurers and Brokers each specialising within the Solicitors’ PII field.

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