About Solicitors Indemnity Insurance

Solicitors Indemnity is  more complex and costly than ever, the market for Solicitors Indemnity continues to harden, proposal forms have become more complex and underwriters far less flexible.  While this all sounds quite negative, it can be  certainly be addressed by the solicitors  themselves by ensuring prompt submission of their proposal forms to the broker. Our brokerage has 35 years Professional Indemnity experience and is available to deal with any incoming queries.

 

To ensure you secure the best possible Solicitors Indemnity Insurance and best possible premium we recommend you complete your Professional Indemnity Proposal forms well in advance of the 1st October renewal date.

It is already clear that many solicitors are deterred by the complexity of this year’s Renewal Proposal however; the presentation of the form now appears to be mandatory and necessary in order to obtain or maintain your Solicitor Indemnity cover.The market has hardened particularly in the Conveyance sector of the market which has impacted on the smaller practises whose business has relied heavily upon the conveyance market. This has been further impacted by a steep rise in Solicitors Indemnity premiums for Solicitors who have historically provided extensive conveyance services.A recent study commissioned by the Law Society showed that “for every per cent of the firm’s turnover derived from conveyance or personal injury case work, premiums increased by over 8% irrespective of track record. Notably, crime and debt collection generated turnover, premiums decreased.

Recommendations have been made by the Law Society  to bring to Solicitors attention the importance of getting Indemnity applications to the broker early. 

 

 

Recommendations have been made by the Law Society  to bring to Solicitors attention the importance of getting Indemnity applications to the broker early. 

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