Renewal problems 'go beyond October 1st deadline' - PI for solicitors

8/05/2009

Written by Marc Riches

The problems experienced when renewing Professional Indemnity insurance (PII) last autumn were not solely due to the time of the year it took place.

Such is the assertion of Nigel Day, chair of the Law Society's PII insurance working group, who points out that although it may be "superficially attractive" to cite the single renewal date of October 1st as being the only cause for the difficulties faced in 2008 this is not actually the case.

However, Mr Day - who is also a partner for Hague Lambert, a solicitors firm based in the north-west of England - claims that "the majority of the profession didn't have a problem and for those that did, whether this was caused by a single renewal date isn't clear", the Law Gazette reports.

Marc Riches, Director of solicitors specialist PI Broker PYV Legal, added: "What we found in a number of cases is that late submission of proposal forms to the Broker was a factor in some firms struggling to find cover in time for October 1st. As ever, our advice is to complete and return your proposal form ASAP in order to maximise the opportunity of negotiating and formalising cover in good time before the deadline when Insurers and Brokers are hard pressed to deal with your case."

Last October, the publication pointed out that as turbulence in the financial markets rumbled on the number of firms being left without PII and entering the assigned risks pool increased by a factor of six.

Click here for more information about Professional Indemnity for solicitors.

Click here for more information about Professional Indemnity in general.

PYV are one of the UK's leading providers of professional indemnity insurance. This news article has been produced by Adfero in collaboration with PYV and its unauthorised use is not permitted.

(c) 2009 Adfero Ltd.

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