Two out of five solicitors have been unable to renew their compulsory liability insurance, according to Zurich Professional.

A Zurich Professional survey found that 40% of solicitors have not received a renewal quotation from their insurer and the deadline is just three weeks away.

Zurich Professional head David Coughlan said: "With the cost of insurance on the rise, solicitors are in real danger of not having enough time to source competitive quotes with their preferred insurer, unless they act now."

Professional indemnity insurance, which covers solicitors against claims from their clients, must be renewed by 1 September to comply with Law Society rules.

However, faced with premium rises of 35%, many solicitors may face a race against time.

ABI head of liability insurance Paul Fegan said: "The major professional indemnity insurance providers are all up to date with their quotes and many gaps are simply due to the fact that solicitors have not yet passed details on to their broker."