Miller Insurance Services LLP

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…

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