Alea adds £2.5m to £12.5m capital
Alea London has an extra £2.5m in capacity available for solicitors' professional indemnity (PI) cover this year.
In 2002, Alea had £12.5m in capacity available, but this will rise to £15m in 2003.
An Alea source confirmed that, although the insurer did not use up all its allotted capacity for solicitors' PI in 2002, it would have an extra £2.5m available for renewals this year.
Earlier this month PI Direct, which places solicitors' PI business with Alea, announced that it will be offering solicitors the opportunity to agree rates now for their PI insurance in order to avoid the annual rush on 1 September.
Current estimates indicate that solicitors' PI rates will increase by around 5%-10% this year.
l Lloyd's broker PYV has developed a generic proposal form for solicitors' PI cover.
The five-page proposal form, which is divided into 15 sections, can be sent to the broker as a PDF file - the broker can e-mail the proposal form direct to the underwriter.
The generic form was developed in order to make proposals more concise and clear for underwriters as well as making it easier for the broker by eliminating unnecessary return visits to the client.
Group development director Nick Pointon said: "The generic proposal form means that proposals we receive from solicitors' firms are much more clear and concise.
"It also means that underwriters can quickly identify issues that may concern them.
"As a result, the broker does not have to keep going back to the client for information."
The form has been sent out to PYV's solicitor clients accompanied by a two-page supplementary risk management questionnaire.