Solicitors Professional Indemnity Insurance

Frequently Asked Questions

1. Quote

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2. Contact

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3. Accept

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Proposal Form as a .PDF

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Proposal For as a Word Document

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Frequently Asked Questions about Solicitor Professional Indemnity Insurance
This section of our website has tried to answer some of the common Frequently Ask Questions. If you have a specific question that is not answered on this page, please contact us by email or by telephone 01772 697706 and we will be happy to assist you.
Do I need to use a broker and if so, which one should I use?

Most of the Qualifying Insurers are willing to underwrite your type of firm. Some Qualifying Insurers have exclusive arrangements with one or more broking firms, which means that Solicitors can only access that insurer via a broker.

It is important to realise that brokers can provide important advisory roles and offer very different types and levels of service to Solicitors.

What is a Qualifying Insurer?

The Solicitors Regulation Authority does not regulate, vet or approve insurers. In order to be eligible to be a Qualifying Insurer an insurer must be an "authorised insurer" as defined by section 87(1A) of the Solicitors Act 1974. "Authorised insurers" are regulated by the Financial Services Authority. (For more information, see the SRA appendix "What does it mean to be a Qualifying Insurer")

How do I improve my prospects of obtaining PII at a reasonable price?

The current arrangements will remain largely unchanged for the next year. It is therefore for the Qualifying Insurers to decide whether or not to offer a Firm Professional Indemnity Insurance cover. Given the current hardened market, it is now more important that ever that Solicitors take steps to minimise their insurance risk.

What factors determine whether a Solicitors firm receives a quote and the price of the quote?

Often Solicitors complain that they experience difficulties obtaining Professional Indemnity Insurance at a reasonable price even though they do not posses any high risk factors. A few explanations for this are that the Professional Indemnity Insurance market operates on a 'claims made' basis. In assessing a Solicitors firm's insurance risk, Qualifying Insurers will be considering the risk arising from both its past and future activities. The proposal form is a considerable factor on the assessment of the risk together with supporting materials to show that Solicitors are activity managing and reducing its Insurance risks. In a hardening market for Professional Indemnity insurance insurers are likely to increase premiums of most, if not all, policyholders to recoup losses or expected losses arising from increased claims levels.

What should I do if my Solicitors Professional Indemnity Insurer becomes insolvent?

In 2009 the financial instability of Quinn Insurance Limited caused a lot of angst amongst Solicitors about the consequences of a Qualifying Insurer becoming insolvent. Existing policyholders must arrange replacement Qualifying Insurance as soon as reasonably practicable and in any event within four weeks of the relevant insolvency event.

I am not happy with your companies service?

If we have not met your high standards of service please feel free to contact one of the Directors directly via the 'About us' page. We are happy to deal with your complaint or comments on a formal or informal basis.