Professional indemnity insurer firms with at least 10 partners
Chartis has told brokers it does not want to offer professional Indemnity Insurance (PII) to law firms with fewer than 10 partners, the Law Society Gazette reports.
Chartis had a 15% share of the solicitors’ PII market last year, but will now focus will be on firms with 10 or more partners.
A Chartis spokesman added: ‘It has been a difficult year for the solicitors’ [PII] market in terms of claims and the future of the [assigned risks pool]. There have been predictions that the number of firms in the ARP could easily double this year, which clearly affects how underwriters view the market. Premiums will rise in part to cover the probable increase in claims arising from the ARP.’
Questions
Brokers report insurers are asking for much more detail on the solicitors’ backgrounds and their finances.
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