Solicitors 'seeing PI costs rise by up to 50%' - PI for solicitors

26/08/2009

Written by Marc Riches

Solicitors are facing dramatically increasing Professional Indemnity (PI) insurance premiums, it has been suggested.

As law firms prepare to renew their PI cover, an article in the Law Gazette states that some - in particular smaller practices - are seeing PI costs rise by as much as 50 per cent.

The publication goes on to claim that a number of PI brokers and industry experts are reporting solicitors are even being denied cover, despite the fact they are no riskier to insure than in years gone by.

"We have heard of a lot more instances of insurers trying to deny cover, some on rather dubious grounds in our view," Frank Maher, partner at Liverpool firm Legal Risk, states.

He goes on to claim that PI insurers are increasingly examining instances of potential fraud at small legal firms.

Such comments come after Lesley Cameron, senior legal adviser at the Law Society, told the Lawyer earlier this month the organisation is looking to take steps to ensure the problems solicitors had in renewing PI cover last October do not happen this year.

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.

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