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21 July 2011 / Steven O'Sullivan
Issue: 7475 / Categories: Features , Profession , Insurance / reinsurance
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A view from the coal face

Steven O’Sullivan surveys solicitors’ professional indemnity insurance

With recent hard markets, practitioners (especially those who are lucky and/or diligent enough to experience few or no claims) might wonder what insurers are doing to earn their increasing premiums, especially those who are lucky and/or diligent enough to experience few or no claims. Practitioners may therefore be interested to know about the experience of those of us who defend solicitors against claims, which naturally range from the nonsensical or outrageous to those where we are hard pushed to say anything in reply except maybe a challenge to the quantum of interest.

Lender claims

The big news over the recent years has been lender claims. Mortgage fraud and solicitors’ failings to lenders did not vanish between 1995 and 2005, but were masked by rising house prices meaning that repossession could take place without loss to the lender. Therefore, lender claims were a rarity.

With at best stagnant values since 2007, the lenders reaped the reward of poor lending decisions in the form

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MOVERS & SHAKERS

Flint Bishop—Charlotte Harris

Flint Bishop—Charlotte Harris

Sheffield expansion continues with appointment of commercial property partner

Browne Jacobson—Paul Duggan

Browne Jacobson—Paul Duggan

Browne Jacobson strengthens banking and finance practice with latest partner appointment Paul Duggan

Ward Hadaway—Chris Piggott

Ward Hadaway—Chris Piggott

Employment partner joins Ward Hadaway

NEWS
The Law Society RFC Festival of Sport returns next month, bringing together legal and financial services professionals for one of the sector’s largest annual sporting events
Legal aid deserts leave almost one in four without adequate access to justice
The Solicitors Regulation Authority (SRA) has warned solicitors and law firms that using artificial intelligence does not alter their professional obligations, amid concerns over inaccurate legal material and client confidentiality
From forgotten interest claims to case-management appeals, a string of procedural developments offers useful—and occasionally cautionary—lessons for practitioners

Jonathan Fisher KC highlights that it now accounts for around 40% of criminal offences, with roughly 70% involving technology, and argues that the UK cannot simply prosecute its way out of the problem. Detection, investigation and prosecution all require improvement, while different fraud types demand tailored responses.

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