header-logo header-logo

Premium concerns

10 July 2009 / Simon Young
Issue: 7377 / Categories: Features , Insurance / reinsurance
printer mail-detail

Simon Young uncovers the truth behind rumours of increased premiums & unprofessional conduct

Last year saw unusually high levels of concern about the renewal of firms’ professional indemnity insurance policies. Not only were rises in premium levels worrying for some, but also there were rumblings about unprofessional conduct on the part of some brokers, with allegations of offers from insurers being deliberately withheld or delayed. There was concern as to the possibility of insurers themselves becoming insolvent, and worries about shrinkage of the market. There were also un-muted warnings of further increases this year (even before the collapse in the financial markets which means that such forecasts are almost bound to be correct). What then is now emerging as the truth behind those stories, and the prospects for this year?

Bring back SIF?

The main issue for many firms is the level of premiums. There were a number of firms which clearly underwent severe increases, which led to claims that the profession would have been better off had the Solicitors Indemnity Fund (SIF) been retained.

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Freeths—Ruth Clare

Freeths—Ruth Clare

National real estate team bolstered by partner hire in Manchester

Farrer & Co—Claire Gordon

Farrer & Co—Claire Gordon

Partner appointed head of family team

mfg Solicitors—Neil Harrison

mfg Solicitors—Neil Harrison

Firm strengthens agriculture and rural affairs team with partner return

NEWS
The Crown Prosecution Service (CPS) has launched a recruitment drive for talented early career and more senior barristers and solicitors
Regulators differed in the clarity and consistency of their post-Mazur advice and guidance, according to an interim report by the Legal Services Board (LSB)
The Solicitors Act 1974 may still underpin legal regulation, but its age is increasingly showing. Writing in NLJ this week, Victoria Morrison-Hughes of the Association of Costs Lawyers argues that the Act is ‘out of step with modern consumer law’ and actively deters fairness
A Competition Appeal Tribunal (CAT) ruling has reopened debate on the availability of ‘user damages’ in competition claims. Writing in NLJ this week, Edward Nyman of Hausfeld explains how the CAT allowed Dr Liza Lovdahl Gormsen’s alternative damages case against Meta to proceed, rejecting arguments that such damages are barred in competition law
The next generation is inheriting more than assets—it is inheriting complexity. Writing in NLJ this week, experts from Penningtons Manches Cooper chart how global mobility, blended families and evolving values are reshaping private wealth advice
back-to-top-scroll