Risk Update – July 2015 edition

By Kevin J. McParland
Graphic designers discussing work in their office

MFL Professional’s monthly update for solicitors and Manchester Law Society member publication ‘The Messenger’, concerning the ever changing landscape of solicitors Professional Indemnity. This month, Managing Director Kevin J. McParland takes an in depth look at the Law Society Gazette’s report on the round table discussion of solicitors Professional Indemnity Insurance.

I found the report on the round table discussion of Professional Indemnity Insurance in the 8 June edition of the Law Society Gazette an interesting read. There were a number of solid points arising from the discussion that are worth repeating. These include the following, with my own comments added:

  • The solicitors’ insurance market appears to be stabilising and is more benign than prior to 2013;
  • The number of unrated insurers is falling away. In my view this is mainly the result of lenders threatening to remove firms from their panels if their insurers are less than A rated: another instance of others doing the SRA’s job for them;
  • The Law Society suggested it had been a good year, but urged caution – a little fence sitting here, I think;
  • There is economic value in a good claims handling service (I comment below on this)…

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