Stop Press – Important news about Berliner
Firms who thought they’d tied up their Professional Indemnity renewal early this year with the Balva replacement, Berliner, should by now have received word from the company which manages them, warning there is great uncertainty as to whether Berliner will be in a position to accept any PII risks for the forthcoming insurance year.
This will be difficult for firms to accept, particularly as most have already renewed (and paid their premiums) and now face a race to put alternative arrangements in place.
This renewal is made all the more difficult by the fact that the safety net of the Assigned Risks Pool is no longer in place and any firms who can’t source cover beyond the end of October are supposed to start to wind down their business and put their practice in to run-off. The big question for the Balva/Berliner insured firms is who will be insuring the run-off?
With rates set to rise against the backdrop of this situation, firms finding themselves in this position need to act quickly.
MFL Professional is a specialist professional indemnity broker for lawyers and should you need help in securing alternative terms at renewal this year, please call our team.
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