Law firm Weightmans has issued a set of guidelines for qualifying insurers to follow when setting premiums for solicitors.
It hopes the guidelines will bring some stability to a market that appears to be in turmoil, with different insurers offering widely varying premiums for the same risk.
Said Weightmans' Jason Nash: “It is inevitable in a new market that there will be some insurers who are fully committed and others who are more cautious. The art to getting the premium right is being able to predict where the claims will arise, and when they arise, dealing with them efficiently.”
He continued: “Statistics produced by the Solicitors Indemnity Fund show that an astonishing 30% of all claims and 65% of all litigation claims have been caused by missed deadlines. Insurers should look to see if law firms have – and use – diary systems to avoid human error.”
