Professional indemnity insurance cover is a major overhead for any law firm, and many have got cheaper deals from unrated insurers. However, the collapse of several insurers has now made many firms scrabble around for cover. If they still haven’t got cover after 90 days they will have to close. The outlook is grim.
Up to 175 firms at risk of closure after failing to secure indemnity cover
Casualties of law in the PI fallout
Professional indemnity special: Division sign
1,300 firms at risk after Latvian insurer Balva forced to call in liquidators
PII implosion looms as underwriter Berliner exits market