Indemnity insurance

The Solicitors Regulation Authority has ended a controversial five-year project to reform the professional indemnity insurance regime, meaning the minimum level of cover will not be cut to £500,000.

A miner who lost the chance of compensation due to the negligence of his solicitors is entitled to damages because later evidence indicating that he was not eligible was irrelevant, the Supreme Court has ruled.

A solicitor, his law firm and the barrister they instructed have been granted summary judgment on a negligence claim brought against them by a banker fired for his work with boxer David Haye.

Refusal by the Solicitors Indemnity Fund to accept notifications of potential claims could be “catastrophic” for retired solicitors, a specialist in professional regulation and insurance has warned.

Partners and fee-earners in law firms which have closed should give “careful thought” to buying additional run-off cover to protect them when the Solicitors Indemnity Fund closes next year.

The High Court has struck out a claim for professional negligence, breach of contract and fiduciary duty made against a central London law firm which was based on “incomprehensible pleadings”.

There are powerful reasons why the SRA and Law Society could reverse their positions respectively in favour of and against reform of professional indemnity insurance, it has been claimed.

A new professional indemnity insurer is claiming to be the first to offer well-run law firms “direct financial rewards” – such as a full premium rebate in a firm’s fourth year if it remained claims-free.

The professional indemnity insurance is challenging for renewals this year, but firms can help persuade jittery underwriters of their case for cover by showing that they have taken steps to mitigate risk.

The High Court has found national law firm Gateley negligent in its advice to the owner of land in Nottingham that led to him missing out on some of the profits from its redevelopment.