Professional Indemnity
- Defending claims
- Policy coverage issues
- Strategies for obtaining improved terms of cover
- Successor Practice issues
Top 100 Professional Indemnity and Risk Management Survey 2010
The 7th annual survey of UK Top 100 firms.
This is the most comprehensive survey yet of its type, attracting a record response. Based on responses from Top 100 firms' experience of the insurance renewal each year, it presents seven years of statistical data with separate analysis on the top 30 firms.
This year’s survey shows that firms are at the beginning of the cycle of immense change being heralded by the Legal Services Act, new forms of regulation and client pressures for cost cutting through outsourcing.
On a positive note the pressures on costs and reduced staff numbers have not impacted on the size of risk and compliance teams, perhaps influenced by the large number of Top 100 firms who may want to follow the self-regulation model recommended by Lord Hunt.
Last year’s concerns about insurer solvency, fuelled by the problems of AIG, which troubled nearly a quarter of the top 30, were not repeated this time and I doubt that would have differed even if the Quinn problems had emerged sooner, though they may have an indirect impact on top firms.
Download 2010 survey>
Download previous surveys:
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Links to press articles:
Gazette> New Law Journal> Legal Futures> BDO>
Short Guide to the Minimum Terms and Conditions
Many firms do not read their insurance policies and are later surprised to discover the onerous requirements they contain and the areas which are not covered. Partner Frank Maher has written a short guide to the Law Society's Minimum Terms and Conditions which explains in Plain English what the basic policy covers and what it does not. Price £50+VAT. Email us to purchase a copy.
More information including a free slideshow on successor practices is available on the Successor Practice page.
Practice rules and guidance
Solicitors' Indemnity Insurance Rules 2010 (changes from 1 October 2010)
Solicitors' Indemnity Insurance Rules 2009 (in force 1 October 2009)
Solicitors Indemnity Insurance Rules 2008 (in force 1 October 2008, amended 31 March 2009)
Solicitors Indemnity Insurance Rules 2007
Solicitors Indemnity Insurance Rules 2006
Law Society guidance - Practice Note 8 June 2010
Outlines the current market, applying for PII and dealing with related issues.
Indemnity Insurance Disclosure Guidelines
Obligations under the Solicitors Indemnity Insurance Rules
Law Society guidance
Provides notes on indemnity insurance run off cover when setting up in practice.