Indemnity insurance
Consumer panel hits back over SRA ‘double standards’ claim
The Legal Services Consumer Panel has hit back at criticism by the Solicitors Regulation Authority (SRA) that it opposes a minimum indemnity insurance limit of £500,000 for solicitors, while supporting it for accountants.
Indemnity cover cut ignores ‘increasing’ number of larger claims
The number of larger professional indemnity claims is increasing, undermining the case for a cut in the minimum cover for law firms from £2m to £500,000, an industry expert has argued in a letter to the Legal Services Board.
‘Accountants have £500,000 indemnity limit, so why can’t we?’ SRA asks LSB
The Solicitors Regulation Authority (SRA) has reminded the Legal Services Board (LSB) of its decision to allow accountancy firms wanting to carry out legal work to have minimum indemnity insurance cover of £500,000, in a bid to head off concerns about its move to reduce the level for solicitors.
BSB follows SRA in backing £500,000 indemnity limit for firms
The Bar Standards Board has followed the Solicitors Regulation Authority and proposed that the advocacy and litigation firms it hopes to regulate later this year should have indemnity cover of at least £500,000.
ABI joins critics of lower indemnity insurance limit
The Association of British Insurers has joined the chorus of criticism of the Solicitors Regulation Authority’s decision to cut the minimum level of professional indemnity insurance to £500,000. SRA consultees were opposed by nearly 3:1, it has also emerged.
SRA goes ahead with £500,000 PII limit but postpones other reforms
The Solicitors Regulation Authority has decided to go ahead with cutting the minimum compulsory cover for indemnity insurance from £2m to £500,000, despite strong opposition from the Law Society.
SRA attacked from all sides on indemnity reforms
The Solicitors Regulation Authority’s proposed indemnity insurance reforms have been attacked from all sides by the legal services consumer panel, the Law Society and the insurance industry itself.
CML warns on indemnity reforms: “Lenders will cut their panels”
Small firms and sole practitioners could be removed from conveyancing panels if the Solicitors Regulation Authority goes ahead with its indemnity insurance reforms, the Council of Mortgage Lenders (CML) has warned.
Hudson: SRA insurance reform will “destroy high street conveyancing”
Preventing mortgage lenders from claiming on solicitors’ compulsory indemnity insurance will “destroy high street conveyancing”, Law Society chief executive Des Hudson has said, in a wide-ranging speech on the state of the profession.
Yorkshire Building Society “will not reconsider” ban on unrated insurers
Yorkshire Building Society has said it has “no present intention” of reconsidering a ban it has decided to impose on firms with unrated indemnity insurers, even though the Solicitors Regulation Authority last week decided against one.
Blog
Is your Google Ads budget funding your competitors’ AI visibility?
If your cost-per-click has crept up again this year, you’ve probably assumed the market simply got more expensive. That’s the wrong way to read what’s happening.
Containing the spread of unapproved AI
Nearly 60% of fee-earners admit to using unapproved tools (like free versions of ChatGPT). Yet 68% of firm leaders are confident there is zero risk of unapproved AI being used for client work.
When AI adoption goes wrong, costs add up fast
City AM recently reported that London is fighting to claim the title of ‘global capital of legal AI’. However, it’s crucial we remember that adoption alone does not create value.
