Professional Indemnity Insurance - Latest Market Report for Solicitors from Howden Insurance Brokers
Concerned about your PII – the cost, the quality or being able to get any cover at all? It has never been more important for law firms to engage with a specialist broker in the solicitors’ PII market. At Howden, we understand the importance of keeping firms informed so they can plan for their next renewal. You don’t want any surprises when it comes to the cover you need to stay in business.
Our latest Market Report is available here.
We start by reviewing how the PII market for solicitors performed in 2020 and forecast what firms can expect if their next renewal is 1 April 2021, including a cautionary look beyond that date. We also include a snapshot of the current claims environment, which helps explain why underwriters are becoming increasingly sensitive to particular practice areas.
That leads on to a more comprehensive article where we give advance notice of some of the issues that underwriters have under the spotlight. “Forewarned is forearmed” as the saying goes, and paying attention to the issues raised in this article could give your firm the edge it needs to navigate the current hard market.
Cyber security is on the agenda for the SRA, and firms will be aware of the results of the thematic review on cyber security that the SRA published last year. Our Howden claims team have also seen more notifications from law firms relating to cyber incidents in recent months, which is consistent with reports of increased incidences of cyber attacks as a fallout of the pandemic. In addition to having adequate policies and procedures to reduce the risk, it is important to have appropriate cyber insurance cover for when things go wrong. Our report presents some FAQs to explain when and how PII and Cyber Insurance policies respond to cyber incidents.
Our final article focuses on the Solicitors Disciplinary Tribunal (SDT) with commentary on the Beckwith appeal and a breakdown of the SDT’s allegations, findings and penalties from its last annual report.
We trust you find the report helpful and invite you to contact us if you have any queries or would like to discuss your PII or any of the issues raised in the report.
Neil Pointon works in the Legal Professions team at Howden Insurance Brokers Limited.
Tel: 07967 099508
Howden is a trading name of Howden Insurance Brokers Limited, part of Howden Group Holdings. Howden Insurance Brokers Limited is authorised and regulated by the Financial Conduct Authority in respect of general insurance business. Registered in England and Wales under company registration number 725875. Registered Office: One Creechurch Place, London, EC3A 5AF. Calls may be monitored and recorded for quality assurance purposes.