We are nearing the end of the Professional Indemnity Insurance season for solicitors, and insurers will be shortly publishing winner and loser in this years lottery.
There is of course a very strong argument to stop this ridiculous way of trading with one super date for all, and allow variations. There are of course two sides of the story, but on balance the system is old tired and should be completely re-vamped.
Their should also be new covers and indeed reduced covers within the Professional Indemnity Insurance Policies to allow underwriters and insurers more flexibility and to do away with the assigned risk period.
The law society need to consider their own qualifying rules for those insurers willing to offer PII to solicitors and again to consider flexibility which will allow costs covers and innovation to develop. With Professional Indemnity markets which we have seen become smaller every year (at least with good rated insurers.)
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