Solicitors who missed the October 1st deadline for renewing their Professional Indemnity (PI) insurance may still be able to recover the situation, according to PYV.

Neil Pointon, Chief Executive of the specialist Lloyd's of London insurance broker, suggests that firms which have missed the deadline should now look to renew their cover as a matter of extreme urgency.

They could be facing a punitive rate of 30 per cent of their fees for failing to do so before the end of October, he observes.

Practices which renew their PI insurance now could potentially have it backdated to cover the period already missed, Mr Pointon adds, although no cover would be provided for claims/circumstances discovered whilst off cover.

This may be possible for firms "provided they do so within 30 days of expiry and they have not had claims, or discovered circumstances which could lead to claims, in the meantime".

"At PYV, we always do our best to help in these situations and are usually successful - however, this shouldn't be taken for granted," Mr Pointon asserts.

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.