A glimmer of hope has appeared in an otherwise tough year (to say the least) in the market for professional indemnity insurance for small and medium sized solicitors. It was announced yesterday that a new insurer has entered the solicitors' PII market, and will be looking to ensure smaller firms.
PII for Small Law Firms
This could be a real boost for those firms, many of whom were potentially staring down the barrel of the Assigned Risks Pool.
Danish firm Alpha Insurance A/S is combining with Giles Insurance Brokers and St Giles Legal and Professional Risks to enter the UK market. Cover will be reinsured by Nasdaq-listed Greenlight Re.
No Small Risk
This does not, however, mean that partners in smaller firms can afford to be complacent. This will still be an extremely difficult renewal season, and supply of cover will be very unlikely to come close to demand, even with this silver lining. There will undoubtedly be many firms who struggle to find cover.
The renewal date is creeping ever closer, and those firms who have not yet submitted their proposal should not be hesitating any longer. For further advice, the experts at Legal Risk have covered this very subject in their July Newsletter.