What is Solicitors Professional Indemnity Insurance?
Like any firm providing professional services and/or advice, Solicitors carry Professional Indemnity Insurance. The Solicitors Regulation Authority require that all Solicitors firms/practices in England and Wales carry a Professional Indemnity Policy that complies with the Solicitors Minimum Terms and Conditions.
The Minimum Terms and Conditions 2011 came into effect on 1 October 2011. They are published as Appendix 1 of the SRA Indemnity Insurance Rules 2011, in the SRA Handbook.
Aston Scott specialises in the placing of Solicitors Professional Indemnity Insurance and to servicing the other insurance needs of Law Firms.
We can provide Professional Indemnity Insurance for the entire range of firms from sole practitioners through to the very largest firms, from long established firms to new start-up firms. Our expertise and experience of Solicitors' Professional Indemnity Insurance and market knowledge, means we can offer our clients competitive premiums backed by excellent service from a team of dedicated professionals.
Solicitors are currently required to purchase cover with an indemnity limit of at least £2,000,000 (£3,000,000 for an LLP or Limited Company). The common renewal date requirement has now been moved, although many firms have chosen to retain the existing date. We are happy to advise firms considering changes to their renewal date or keen to understand what the new requirement to assess what constitutes an 'appropriate' limit might mean for them.
We are one of few Brokers who specialise and actively seek to work with new start-up Solicitor firms. We are experienced in helping new start-ups and will offer advice to ensure that a submission is provided to Underwriters that is likely to result in an offer of insurance.
Who is it for?
Solicitors in Private Practice and qualified Solicitors seeking to set up their own firm/private practice.
If you would like to discuss cover for your firm, or are thinking of starting your own practice and want some advice, please speak with our Alton office.