A troubled market: where next for PI?
By Mark Carver
Bar the final hurdle of approval by the Legal Service Board (LSB), the Solicitors Regulation Authority’s (SRA’s) professional indemnity insurance (PII) ‘reforms’ are now a reality and the insurance industry and the profession must get on with dealing with more than 10,000 renewals.
Inevitably, this will lead to conflicting advice and approaches from the insurance market and firms should look carefully at the detail behind what is being proposed and the limits they are choosing to buy.
To recap, the SRA changes are: reducing the minimum limit of indemnity to £500,000 (€1,250,000 in respect of insurance mediation activities); and enabling firms to assess the level of cover appropriate to their firm beyond the minimum…
Click on the link below to read the rest of the Miller briefing.
Briefings from Miller Insurance Services LLP
In the last of his two-part series, Mark Carver shows how the PI proposals will benefit insurers more than firms.
In the first of a two-part series, Mark Carver considers the SRA’s proposed changes to the professional indemnity market.