Broker Marsh has launched a service to help smaller law firms secure solicitors' professional indemnity (PI) insurance at "reasonable" rates.
As part of the service, Marsh is offering two- to three-partner firms exclusive access to Legal & Professional Insurance, part of Liberty Mutual Insurance Europe, and four- to ten-partner firms exclusive access to XL Insurance for solicitors’ PI cover.
As well as obtaining quotations from its panel of insurers, Marsh’s service offers a range of premium payment options, claims handling and risk management training.
“PI renewals have become increasingly difficult and costly for many firms outside of the top 100,” said Janine Parker, head of UK solicitors’ PI at Marsh. “Rates have continued to climb and the number of firms in the Assigned Risk Pool has risen dramatically. Many smaller firms with excellent records are experiencing real difficulty in securing PI insurance at reasonable terms."
She added: “As the renewal date approaches, Marsh has brought together the expertise of leading solicitors’ PI insurers to offer a measured alternative to the annual scramble for insurance cover that many smaller firms endure.”
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