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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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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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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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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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Lettings agents are being urged to protect their livelihoods and the livelihoods of their clients by ensuring they are covered by Professional Indemnity (PI) insurance.
Residential Landlord
14 September 2009
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Congratulations!
go out to Hammond PI’s very own Mo Miah who this month collected an “Extra Mile
Award” from specialist Professional Indemnity Insurance provider HCC
International Insurance Company. Well
Done Mo keep it up.
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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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Salaried Partners Liability
The salaried partner contested the claim on the basis that he was not a partner because he did not share in the profits of the business. The Court, and subsequently the Court of Appeal, rejected this argument. In the view of the judges, the fact that there was a business and that it was carried on with a view to making a profit was enough to make him a partner.
Gillhams Solicitors
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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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Last year a letter dropped though the door of numerous former employees of Merricks LLP, putting them on notice that, if certain former members had to pay Merricks’ run-off insurance premium of £834,437, they might seek a contribution from Merricks’ former qualified staff (see [2008] Gazette, 10 April, 1).
Law Society Gazette 20 August 2009
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Hammond Professional Indemnity Consultants offer a facility for accountants, surveyors and a number of other professionals to purchase their run-off cover for a period of up to 72 months (six years) with a one-off single premium.
Six year PI (Professional Indemnity Insurance) “run off” cover is offered by a very limited number of insurers and has proved very attractive to many of our professional clients.
This is an excellent way to avoid the uncertainty of unknown premiums every year and allows the finalisation of your PI cover in advance at a fixed, one-off price. This cover can be ideal for those entering retirement, selling their business or merging their business with someone else where both parties don’t want to share the liabilities of the old businesses.
PI Run off cover can also be purchased via shorter multiple year policies with the option in some cases to purchase part years, for example five and a half years.
See our newsletter from more information on PI run off cover
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