The Law Society has launched a buyer's guide to PII
It has issued a guide, 'PII made simple' - a buyers guide to professional indemnity insurance, to allow for solicitors to be able to better understand and cope with insurance claims in the face of big changes to the marketplace in October. Solicitors will no longer have the benefit of the assigned risk pool (ARP) from 1 October, set up to provide a safety net for firms which could not get cover from qualifying insurers in the open market. With its abolition, some law firms are at risk of failing to obtain insurance and may have to close down.
Amidst growing concerns about small practices depending on unrated insurers, the Law Society is looking to help solicitors make the best choices on renewals, providing advice about entering into contracts and improving understanding of the relationships in the PII market. A PII helpline will also be available.
'We have lobbied for and welcome the impending market reforms, which are expected to create a more stable and competitive PII market, greater consumer choice and increased scope to 'shop around' for affordable quotations from a range of insurers', said Law Society President Lucy Scott-Moncrieff.