SafetyNet launched to cover law firms’ distressed risks

The Law Society has brought in Lloyd’s broker PYV to provide a professional indemnity SafetyNet scheme giving access to insurers that specialise in distressed risks.

Firms will be assessed and may have to complete a risk assessment survey.

If accepted they will avoid falling into the Law Society’s Assigned Risk Pool (ARP) for those unable to find cover.

Law Society chief executive Desmond Hudson said: “We are committed to doing all we can to offer an opportunity to distressed legal practices to escape the ARP or avoid it. This is a positive development for those unable to obtain professional indemnity insurance cover.”

PYV director Nick Pointon said: “The scheme is designed to deliver a positive change to firms through effective risk management, and by so doing enable them to not only obtain cover now, but also enhance their risk profile moving forward, so they are in a much stronger position to secure cover at future renewals.”