Chair of the Law Society’s Professional Indemnity Insurance Committee Nick Gurney-Champion issues an important warning to solicitors: you should already be arranging new cover
Most solicitors’ firms still renew their PII on the old common renewal date of 1 October. This has always created something of a bottleneck, with brokers and underwriters rushing to process proposals in time for the deadline, but the problems are more pronounced during a hard market. Given that conditions were already taking a turn for the worse in 2019, the additional uncertainty created by Covid-19, the lockdown, the looming recession, and question marks around the outcome of Brexit trade negotiations, mean that October 2020 could be the most challenging renewal period for solicitors since the move to the open market back in 2000.
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