Solicitor's Professional

Indemnity Insurance

As brokers we necessarily owe you a duty of care

Robertson-McIsaac has wide experience of the purchase of Professional Indemnity cover not only for solicitors but across a wide range of professions, enabling us to advise on how the Minimum Terms for Professional Indemnity Insurance affect different firms. We have access to a broad range of Qualifying Insurers and are experienced in understanding the technical issues which PI for solicitors can often involve.

How will claims be handled? Some brokers leave all underwriting and claims handling to a wholesale broker with whom you may never have contact. This can mean that no-one will challenge reserves on outstanding claims, an omission which can hugely affect the cost of your insurance at next renewal. We however keep ourselves and our clients up to date concerning their claim reserves. We accept responsibility for notifying every claim or circumstance that might arise. Our claims managers administer each reported matter until its settlement or closure.

We continually advise our clients upon such issues as the application of the successor practice rules, aggregation issues involved with block notification of claims, run-off cover, mergers, new firm spin-offs and ABSs, to name a few that we’ve advised upon recently.

Making a good impression. With a team including experienced brokers and a former Professional Indemnity underwriter, Robertson-McIsaac are keenly aware of how to present your practice’s PI proposal to the insurance market in the most appropriate way and when to provide relevant supporting information on your business. We are also well placed to advise on other financial risks to law firms, including Management Liability and first party Cyber risks.

Insurer Solvency. Firms should remember that if an insurer fails, then the liability for negotiating and paying all outstanding claims falls to the firm; there is no safety net. Consider the failure of Balva and ERIC in 2014, leaving uncertainty as to how its claims will be paid. Consider the financial strength of a potential insurer, because the SRA carries out no financial due diligence upon any insurer which it accepts as qualified to provide professional indemnity insurance. (By contrast, the RICS stopped Quinn Insurance from insuring its members the year before that insurer failed.)

For more information please contact Will.Adams@rmib.co.uk or Sebastian.Cutteridge@rmib.co.uk or by telephone on 0191 212 1234.



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