Insurer received 1,000 enquiries for solicitors' PI cover in just one week
Travelers is struggling to offer quotes for every solicitors’ professional indemnity (PI) insurance after a flood of late enquiries from brokers trying to beat the 1 October deadline.
Travelers sent an email to its brokers last week, warning them it “could not guarantee” turning all enquiries into quotes from 15 September onwards. The insurer said that in just one week it had received 1,000 enquiries.
An agreement was recently struck with Lloyd’s broker Prime Professions to selectively underwrite the Quinn book following Quinn’s departure from the market.
The email said: “While we are working very hard to get quotes to customers, please note we will not necessarily be able to deal with all the cases that we have already received, but we will do our best to get to them.
“As always, renewal customers will be given priority, and we are doing this in order to do our best to maintain service in the face of very high demand.”
Travelers declined to comment on the matter.
Elsewhere, London-based St Mary Underwriting entered the PI market this week, with the launch of cover for small- to medium-sized solicitor firms.
Coverage will be offered to firms with up to 20 partners, and the scheme provides up to £3m for any one claim per policy.
The company said its coverage limit is “over and above” the minimum indemnity limits as set out in the Solicitors’ Indemnity Rules 2010.
Lead underwriter Angus Ogg said: “We firmly believe that this new scheme will prove extremely beneficial to small- to medium-sized solicitor practices that are seeking to enhance their existing levels of cover.”
St Mary joins Giles-owned Ink Underwriting and Danish-based Alpha Group insurer as late entrants into the solicitors’ PI market.
Ink has teamed up with specialist broker St Giles Legal and Professional Risks to launch a new solicitors’ professional indemnity insurance facility.
The new entrants are scooping up some of the 2,900 solicitors cut adrift when Quinn announced it was pulling out of the market.