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Written by Dave Hedgecock
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Thursday, 02 September 2010 09:49 |
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Ink Underwriting Agencies and St Giles Legal and Professional Risks have joined forces to target what they describe as the "troubled solicitors insurance market".
Post Online
2 Sept 2010
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Written by Dave Hedgecock
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Wednesday, 01 September 2010 12:25 |
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We at Hammond Professional Indemnity like to think we are as much about service as we are about obtaining a great deal on your Professional Indemnity Insurance (PI). Over 98% of our business is Professional Indemnity Insurance so we know our markets and know how to offer solutions to our insureds needs and requirements.
Part of this service is the provision of our much enjoyed newsletter “Coverstory” and we are pleased to announce that a brand new Coverstory is currently being dispatched.
This issue cover the increase in claim notification, Run Off Professional Indemnity Insurance, Collateral Warranty Services and some of the issues current to Surveyors Professional Indemnity Insurance.
As with all our newsletters you can view our latest issue via the “PI Newsletters” Tab under the “Resources Menu”
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Written by Dave Hedgecock
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Thursday, 05 August 2010 11:38 |
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The Architects’ Registration Board (ARB ) is proposing to scrap its contentious professional indemnity insurance (PII) ‘tick box’ form
Critics of the Statement of Compliance said the board was overstepping its statutory remit by asking architects to annually prove their insurance status.
The proposal comes just months after architect Ian Salisbury won his legal battle with the board over his failure to complete the PII form (AJ15.04.10) The Architects Journal 28 July 2010
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Written by Dave Hedgecock
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Wednesday, 28 July 2010 09:18 |
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THIS year’s round of Professional Indemnity Insurance (PII) renewals promises to be one of the most turbulent ever, but it could spur much-needed changes to the way the system is run. All law firms in England and Wales have to renew their PII by 1 October, but last week insurer Zurich, which insured 13 per cent of law firms in England and Wales in 2009/10, said it will reduce its participation in the market. This follows Catlin and Hiscox pulling out of it altogether. In March, Quinn, the insurer of about 3,000 of England and Wales’ 11,000 law firms, went into administration.
City AM
Wed 28 July 2010
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Written by Dave Hedgecock
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Tuesday, 22 June 2010 16:29 |
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Chancellor George Osbourne announced today that Premium Tax (IPT) will go up from January 4th making retail and commercial insurances including Professional Indemnity Insurance more expensive in 2011.
Addressing Parliament today, he said IPT will rise from 5% to 6%. The British Insurance Brokers Association had hoped it could persuade the government not to increase the 5% rate, however, there may be some comfort in that the rise is only 1%.
BIBA and the IIB have both expressed satisfaction following the publication in today's Budget and in a joint statement, the two trade bodies said they had achieved a significant reduction in scope, compared to the original text in the Pre-Budget Report, following a successful joint lobbying campaign.
Some predictions had stated that the Chancellor may have double the standard rate of IPT to 10% however this has fortunately not come to fruition.
22 June 2010
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Written by Dave Hedgecock
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Friday, 26 February 2010 13:43 |
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Solicitors have voiced concerns over ‘knee-jerk’ proposals to abolish the assigned risks pool (ARP) next year in their responses to a Solicitors Regulation Authority consultation on the issue.
Law Gazette
25 February 2010
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Written by Dave Hedgecock
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Wednesday, 25 August 2010 15:15 |
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Negligence claims against professional advisers have reached an 11-year-peak according to a finance provider which claims both insurance claims and premiums are rising.
A study by Syscap has found High Court negligence cases launched against professional firms has jumped 125% to 332 in 2009, up from 147 in 2008.
The recession triggered the steep increase according to the agency with investors or lenders hoping to recover falling asset values.
Accountancy Age
24 August 2010
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Written by Dave Hedgecock
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Monday, 02 August 2010 09:16 |
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Solicitors’ professional indemnity (PI) insurance underwriters are warning that this renewal season will be the toughest in years. Smaller firms in particular will face growing insurance premiums as the big insurers lose appetite for their business. When the solicitors’ PI market last shrank, firms faced rate hikes of up to 40
per cent.
The Lawyer
2 August 2010
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Written by Dave Hedgecock
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Tuesday, 06 July 2010 13:06 |
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An increase in professional indemnity (PI) insurance claims and the collapse of a major insurer means IFAs are facing hikes in their premiums.
Northern Irish insurer Quinn Insurance, which provides professional indemnity insurance to a large number of IFAs, was placed in administration on April 15 and although current PI policies with the insurer are still valid, Quinn Insurance has stopped writing new business in the UK. IFAs with a Quinn Insurance policy will have to seek a new insurer when their current policy comes up for renewal, possibly increasing the cost.
Citywire
20 April 2010
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Written by Dave Hedgecock
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Monday, 29 March 2010 10:08 |
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It was accompanied by “A Guide to the CML Certificate”. The guide ended with this warning: “If [the consultant] signs the certificate and defects are subsequently found to affect the property, it is highly likely that they will face a claim on their professional indemnity insurance some way down the line.” This is exactly what is happening, with claims under these and similar certificates being notified to insurers.
26 March 2010
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Written by Dave Hedgecock
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Monday, 16 November 2009 10:12 |
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Advisers have been warned they could have multi million pound exposures to Lehman backed structured product claims due to exclusions in thier professional indemnity polices.
MoneyMarketing
16 November 2009
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