Indemnity insurance
Breaking news: hundreds of firms face ARP but not as many as expected
The anticipated deluge of law firms entering the assigned risks pool has not materialised, but the numbers are still large, Legal Futures can reveal. But they will fall over the next month as firms can backdate their insurance if they find it by the end of October.
Law Society launches “SafetyNet” for firms struggling to find indemnity insurance
The Law Society and broker PYV have today launched a scheme designed to assist law firms which are having difficulty securing professional indemnity insurance renewal terms by working to improve their risk profile.
Law Society calls in Equality Commission to bring indemnity insurers into line
The Equality and Human Rights Commission is host a meeting between the Law Society, black and minority ethnic solicitors, and professional indemnity insurers in a bid to agree a plan of action to improve insurers’ equality practices. It was called in after the Law Society judged insurers’ response to examples of alleged discrimination in the 2009 renewal process to be “wholly inadequate”.
CML and Law Society committee look at making title insurance compulsory
The Council of Mortgage Lenders is investigating the case for making title insurance compulsory for all conveyancing transactions, it has emerged, as a Law Society committee said it should be looked at as a way to reduce solicitors’ professional indemnity insurance premiums.
ARP crackdown “on track”, but almost half of firms still owe premiums
Almost half of the law firms in the assigned risks pool (ARP) still owe premiums running to millions of pounds, although the ARP enforcement strategy has encouraged some to pay up, it has emerged.
Indemnity insurer extends quote period to 10 days, but rejects Law Society demand for 21
The Law Society has squeezed a minor concession out of the unnamed professional indemnity insurer to whom it complained about giving solicitors just seven days to accept quotes.
Quinn formally bows out as Law Society warns insurers over decision deadlines
Quinn Insurance has finally confirmed that it will not be offering solicitors professional indemnity cover for 2010/11. But ex-Quinn sole practitioners will be boosted by the deal done by Legal Futures Associates Travelers and Prime Professions to offer most of them cover.
LSB backs axing of insurers’ obligation to pay solicitors’ defence costs in disciplinary cases
Solicitors facing disciplinary proceedings after 1 October will no longer be able to call on their indemnity insurance to pay their defence costs, after the Legal Services Board approved changes to the indemnity rules. The decision comes despite strong opposition from the Law Society.
New insurer enters market for small firms
A new insurer today entered the professional indemnity market for small law firms, having taken over the run-off claims-handling function of the Solicitors Indemnity Fund.
Breaking news: law firms face closure as SRA unveils ARP crackdown
The Solicitors Regulation Authority today announced a major crackdown on law firms in the assigned risks pool, with firms unable to exit the pool at the end of their term or to pay their premiums likely to be closed down.
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