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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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Cadwalader—Andro Atlaga

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Knights—Ella Dodgson & Rebecca Laffan

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NEWS
Charles Pigott of Mills & Reeve reports on Haynes v Thomson, the first judicial application of the Supreme Court’s For Women Scotland ruling in a discrimination claim, in this week's NLJ
Charlie Mercer and Astrid Gillam of Stewarts crunch the numbers on civil fraud claims in the English courts, in this week's NLJ. New data shows civil fraud claims rising steadily since 2014, with the King’s Bench Division overtaking the Commercial Court as the forum of choice for lower-value disputes
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
Artificial intelligence may be revolutionising the law, but its misuse could wreck cases and careers, warns Clare Arthurs of Penningtons Manches Cooper in this week's NLJ
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