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Small firms suffer as legal insurers refuse to underwrite in current climate

PI insurance My premium has gone up 400% My crime - a high level of conveyancing. It's a total cop-out to say that it has been caused by solicitors leaving it till the last minute. I know some solicitors who applied ages ago, and insurers refused to quote until the last minute. Norwich Union has totally changed its underwriting policy this year - "immoral" my broker called it. But the blame lies with the SRA, in having 1 October as renewal date for all. The insurers have the legal practice over a barrel, and they know it. The SRA is aiding and abetting this daylight theft. They MUST move away from this date. Too late, however, for the scores of high street firms who are now forced to close. Thanks a bundle, SRA!

7-Oct-2008

5:55 pm