Solicitors 'face losing PI loans' - Professional Indemnity for Solicitors
22/10/2008
A number of solicitors could be left unable to meet their Professional Indemnity insurance premiums after losing their loans, it has been warned..
The Law Gazette notes that some practitioners take out a loan in order to cover the cost of their PI.
However, those whose funds are paid out in instalments could be left without cover due to the economic turbulence.
One such legal practitioner is Mark Scrivenger, a partner at Cambridge firm Scrivenger Seabrook.
He tells the publication: "I assumed they would write the broker a cheque for the whole amount.
"Apparently they only pay the broker every month, so I could well be out of pocket."
His situation arose as his loan provider - Key Business Finance - could be left without funding following the failure of its parent firm, Icelandic bank Landsbanki.
The bank's UK arm, Heritable, asserts that Key Business Finance is in administration, but has not ceased to trade.
Click here for more information about Professional Indemnity Insurance for Solicitors.
Click here for more information about Professional Indemnity Insurance 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) 2008 Adfero Ltd.
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