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The PII countdown begins (Pt 2)

17 July 2015 / Frank Maher
Issue: 7661 / Categories: Features , Insurance surgery
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Professional indemnity insurance: Frank Maher reviews problems in practice

This is the second of three articles on professional indemnity insurance (PII), which 90% of firms will be renewing on 1 October 2015. There will always be some firms which have a problem on renewal. They may not necessarily be bad firms, but claims have a larger impact on the economics of insuring small firms than they do larger ones.

Problems might be because of a poor claims history, or might be because you have discovered a significant issue which may cause claims in the future, but has not yet done so. The writer has acted for many firms in this position over the years and it is a sad fact of life that for no obvious reason, many of these problems emerge in the month before the insurance renewal.

Examples have included rogue partners who have engaged in mortgage-related or other fraud, and cases where firms have discovered that they may have made a series of errors on a large number of

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MOVERS & SHAKERS

Birketts—trainee cohort

Birketts—trainee cohort

Firm welcomes new cohort of 29 trainee solicitors for 2025

Keoghs—four appointments

Keoghs—four appointments

Four partner hires expand legal expertise in Scotland and Northern Ireland

Brabners—Ben Lamb

Brabners—Ben Lamb

Real estate team in Yorkshire welcomes new partner

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