Solicitors renewing their professional indemnity insurance (PII) for the October deadline need to act now amid fears of a hardening insurance market, the Law Society has warned
Most firms still renew their PII on the old common renewal date of 1 October. This has always created a bottleneck, with underwriters and brokers rushing to process proposals to meet the deadline.
“Covid-19, the uncertainty of Brexit negotiations and the fact the market was hardening already in 2019 all combine to mean that October 2020 could be the most challenging period for solicitors since the insurance market opened up in 2000,” said Law Society president, Simon Davis.
“First and foremost, firms should already be talking with brokers about finding cover. If you have not done so, it should be made a priority now.”
The Law Society expects almost all firms will see increases in their premiums this October, particularly if coming out of an 18- or 24-month policy.