Law firms – Prepare for proposed changes to PII provision now before it's too late
The Solicitors Regulation Authority (SRA) have proposed significant changes to Professional Indemnity Insurance (PII). If adopted, these changes could mean that purchasing protection will no longer be a straightforward process, the time to act is now.
The call for firms to act comes as the SRA revives proposals to introduce changes to the minimum terms and conditions via their consultation process, including cutting the minimum levels of insurance cover by significant amounts both in indemnity limit and scope of cover.
Jon Cook, Head of Professions at PIB Insurance Brokers, said: “Solicitors should take steps now to seek out expert advice ahead of the potential introduction of far-reaching changes. Firms need to be ready for it and fully prepared as these changes could most likely first impact those who have PII renewals in spring 2019 or thereafter.”
“Law firms need to act now in preparation”
Purchasing PII had become an overall easier process, however with the changes set to be brought in, it is going to get much harder to purchase PII because of the need to build cover specifically designed for each individual firm.
Solicitors should seek the right level of advice to help them navigate these proposed changes before they are introduced.
PIB Insurance Brokers can offer extensive expertise, knowledge and guidance to help firms manage and minimise the impact of the proposed changes.
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We are a team of senior and qualified individuals, providing a range of risk management, insurance and business advice to solicitors located in nine locations nationwide.
Unlike many brokers, we provide access to almost every insurer in the solicitors PII marketplace and are well placed to provide impartial advice to our clients