Solicitors 'need to be proactive in reducing PI risk' - Professional Indemnity Insurance for solicitors

12/06/2009

Written by Marc Riches

Solicitors need to ensure they are doing as much as possible to reduce the risk of becoming a target for Professional Indemnity (PI) insurance claims, it has been suggested.

Speaking to over 250 solicitors and delegates, Mark Carver, head of Allianz Global Corporate & Specialty's Financial Lines team, points out that although the threat of PI claims is increasing across a variety of industries, the legal profession in particular is currently at risk.

Mr Carver goes on to state that while PI insurance for solicitors can be of assistance in terms of managing risk, he points to the old adage that "prevention is better than cure".

"These exposures can be protected by insurance but this should not be regarded in isolation, but as part of a comprehensive strategy which addresses risk proactively," he claims.

Marc Riches, Director of solicitors specialist PI broker, PYV Legal, added: "I totally agree with Mr Carver, its not just about the insurance. In this market you need to adopt a risk management strategy to get the best terms. At PYV Legal, we do more than most brokers in this regard. For example, we arrange industry leading CPD accredited free risk management conferences around the country for our clients. Make sure your broker can deliver the same."

Meanwhile, Nigel Day, chair of the Law Society's PI insurance working group, recently claimed that the problems experienced by solicitors in obtaining PI cover last year went beyond the single renewal date of October 1st which had widely been attributed as the reason for such difficulties.

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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