PI for solicitors 'heating up in current financial climate' - Professional Indemnity Insurance

09/07/2009

Written by Marc Riches

The Professional Indemnity (PI) insurance market for solicitors is increasingly heating up, it has been suggested.

With the October 1st deadline on the horizon, a Professional Broking article reveals that "insurers are preparing for the brawl as solicitors begin to approach their brokers".

And although the publication points out that the nature of single-day renewal has seen prices and premiums forced downturns, it indicates that since the collapse of TAG personal injury lawyers in 2004, "exposures have been rising in a domino effect".

Furthermore, the current economic climate is also creating difficulties as there has traditionally been an increase in claims against solicitors during times of financial downturn.

Speaking last month, Mark Carver, head of Allianz Global Corporate & Specialty's Financial Lines team, claimed that although the threat of PI claims against the legal profession is rising, solicitors need to be as proactive as possible in ensuring they lower the risk of such action being taken against them as "prevention is better than cure".

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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.

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