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Small law firms have been saving up to 25% on their indemnity insurance premiums following the arrival of a new insurer from Qatar, broker Lockton has said. Brian Boehmer estimated that firms had saved on average around 10%.

Solicitors running two firms caught out by changes to the indemnity insurance rules and the closure of the assigned risks pool in 2012-13 have been fined by the Solicitors Disciplinary Tribunal for failing to wind-down their practices in an orderly manner.

Cyber security is becoming a central issue for professional indemnity insurers, and firms will in future need to demonstrate what protections they have against cyber criminals before they are offered cover, a leading broker has predicted.

Almost a half of law firms using insurance brokers to secure their indemnity cover in last year’s renewal said brokers failed to reveal their commissions, a Law Society survey has revealed.

Many of the 1,863 law firms e-mailed by the Solicitors Regulation Authority last Thursday that their apparent lack of professional indemnity insurance meant they would have to move into a period of shut-down had cover after all, it emerged.