It may seem a long way off but September/October deadline is not far away and this year may be very difficult for Solicitors buying their Professional Indemnity Insurance.
With serious losses over many years, major insurers are looking very closely at whether they wish to continue offering cover for solicitors. Some have already pulled out of the PI market altogether. This coupled with the fact that experts are warning that professional indemnity (PI) insurance is more important than ever due to clients being more likely to take legal action against a company of something goes wrong.
The number of claims made for professional negilgence traditionally increase when there is a downturn in the economy and even if the allegation is unfounded valuable time and resources will be taken up, the cost of these could undermine the companies finances unless proper cover is in place.
Any PI policy that is put into place should cover the cost of defending a claim and any potential payments and should be tailored to the needs of the individual client.
Quotations for Professional Indemnity Insurance can be obtained online from Professional Insurance Agents who also provide a full brokering service for those clients who are unable to obtain terms online or who require a fully tailored policy.
No comments:
Post a Comment