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

FSA Warns on Commission Disclosure

Reuters runs an article (Insurance brokers risk punishment) on a FSA 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

Large negligence actions against solicitors on the rise

So says an article in The Lawyer.com

posted 2006-02-06T13:55:54

IT PII cover clinches disposal deal

A short article at IT Week (Resellers told how to avoid embarrassment) outlines how professional indemnity cover can protect against claims arising from errors in practice, in this case for data disposal.

The real point of the story for IT companies and contractors, however, is that savvy clients will often require PI insurance cover, and if not look favourably on its existence, as a prerequisite for doing business.

posted 2005-08-22T12:01:34

Online short form for IFAs

Pii Brokers announce the first online short form for IFA professional indemnity indications.

Historically IFA's have been forced to download, print, and complete by hand lengthy forms sometimes running into 30 pages or more in order to obtain a price for their insurance.

We have obtained agreement with underwriters to accept a short form of 3 pages that can be completed and submitted on line. In addition underwriters have agreed that they will treat these enquiries as a priority and will endeavour to provide a response within 48 hours.

In order to obtain an indication of terms for your IFA PI insurance please visit the online short form for IFAs.

posted 2005-07-14T12:16:45

Solicitors Indemnity Insurance Rules

The law gazette has published a summary of the Solicitors Indemnity Insurance Rules 2005 for your guidance.

posted 2005-07-04T16:51:49

Solicitors' claims

A recent survey by Zurich Professional highlights solicitors conveyancing work as cause for one third of claims, with general litigation and personal injury coming a close second. An article at The Lawyer.com provides more information.

posted 2005-06-30T15:39:51

UK Commercial Liability Insurance 2005

Research and Markets have released a report on the liability insurance scene in the UK for 2005 which makes interesting reading for brokers and underwriters alike. Among several interesting quotes available from the contents synopsis are the following:

• SMEs that have switched broker in the last two years have largely done so on the basis of price
• Around 20 per cent of SMEs are considering changing their broker in the next 12 months for a cheaper premium
• Price-based competition in the SME sector is increasing

posted 2005-06-23T18:15:36