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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

Walkers—Muriel Marseille

Walkers—Muriel Marseille

Ashurst's Chief Risk Officer joins Walkers

Excello Law—John Osborne

Excello Law—John Osborne

Northern family lawyer John Osborne joins Excello

mfg Solicitors—Rebecca Rogers, Kennedy Langley & Victoria Griffiths

mfg Solicitors—Rebecca Rogers, Kennedy Langley & Victoria Griffiths

Trio of promotions announced at Kidderminster law firm mfg Solicitors

NEWS
A sole director can conspire with their own company for the purposes of the tort of unlawful means conspiracy, the High Court has ruled in a judgment with potentially wide implications for business disputes
The Court of Appeal has reinforced that domicile depends on intention rather than residence alone, in a significant post-Brexit ruling on cross-border financial remedy claims
The Chancery Division's long history comes to an end this autumn as it is reborn as the Business and Property Division, prompting questions over whether the shake-up is really necessary
The Financial Conduct Authority (FCA) continues to show that failing to disclose regulatory issues can attract harsher consequences than the original misconduct itself
Rejecting a generous settlement can prove an expensive mistake, as two recent high-profile cases demonstrate
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