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Professional indemnity news

FCA to meet with PI insurers to discuss advice reforms

A post at Citywire. The Financial Conduct Authority (FCA) will meet professional indemnity insurers over the coming weeks as part of plans to overhaul the market for advice firms.

posted 2017-03-10T11:01:23

A checklist for SME data sharing partners

A weblog post at the SME IT blog provides a checklist to mitigate the risks assumed by partnering with companies that share and otherwise make use of customer data. The first of which is, of course, to check that the company has appropriate professional indemnity insurance.

posted 2010-10-25T13:17:27

PI rates may rise

In Citywire, Advisers face PI premium hike following collapse of Quinn, a broker suggests that contracting capacity and competition may lead to higher prices.

posted 2010-07-10T12:11:21

Small law firms threatened by soaring insurance costs

The Times highlights the difficulties small law firms are experiencing this renewal season, suggesting that the proportion of income being asked for by insurers combined with a lack of availability of credit is creating a tough market for them this year.

posted 2009-09-10T16:06:24

Policies excluding collapse of financial institutions

A Citywire article outlines how some IFAs may not have cover for negligent advice that relates to the collapse of a financial institution.

posted 2009-02-03T15:49:47

Capital requirements increase

A recent announcement by the FCA will affect capital requirements for those regulated firms with particular activity exclusions on their professional indemnity policies, as outlined in a FTAdviser article.

posted 2008-11-27T14:41:27

RSA stops insuring small solicitors

Insurance Times reports that RSA has decided not to provde cover to one and two-partner law firms, other than for renewals, and further that at least another insurer is considering withdrawing cover. While Pii Brokers are not in the forecasting business, this, together with other news and shift in the relationships between some of the insurers and brokers, might presage a bottoming in the prices for professional indemnity for solicitors and other firms in general.

posted 2008-07-10T15:11:22

LegalRisk May 2008 newsletter

The LegalRisk May 2008 newsletter (pdf) is published at the LegalRisk web site, and makes recommended reading for the solicitors' renewal season. Salient points include advice to obtain terms early in the renewal season and procedures in the face of property claims.

posted 2008-05-28T11:58:32

ICAEW consults on Practising Certificate

The PII committee of the ICAEW considers doubling the minimum cover required by a sole practioner in an article at AccountingWEB, in which our own Jamie Goodier is quoted.

posted 2007-06-07T10:53:29

FCA Warns on Commission Disclosure

Reuters runs an article (Insurance brokers risk punishment) on a FCA commission disclosure release reminding insurance brokers of their obligations. The focus seems to be on so called contingent commissions which are paid to a broker under a separate arrangement, often based on a brokers' performance with an insurer. These types of commission have drawn the attentions of Eliot Spitzer in the recent past, and should be included in any disclosure of commission to commercial clients.

posted 2006-12-18T11:15:08

Risk management issues for solicitors

Frank Maher of Legal Risk expands on the conditions in the risk environment for large legal firms in an article at Legal Week. Given the examples of risks that aren't covered it may pay to discuss policy terms with your broker.

posted 2006-02-11T16:20:37

Top 100 professional indemnity survey results 2006

Legal Risk has released its third annual survey on top law firms professional indemnity and risk management. The report, available from the news page at Legal risk, surveys the renewal process of the top 100 legal firms. The key points from the survey are that, verbatim:

  • Many firms increased their cover, in part addressing new policy conditions restricting cover for multiple, similar claims;
  • Twice as many firms have appointed risk managers compared with last year;
  • Many more firms are protecting partner assets by contractual limitation of liability and conversion to Limited Liability Partnerships.

posted 2006-02-07T14:05:34