Law Society comment: Professional Indemnity Insurance (PII) premiums rise
The spring 2021 professional indemnity insurance (PII) renewal season saw law firms pay an average of 30% more for their cover, Lockton Solicitors has reported.
A Law Society spokesperson said:
“We previously warned firms could expect increases of 30% for their PII. Now, it seems it has happened.
“The legal profession is operating in a hard market, but the situation is being made worse for our members by a significant minority of firms producing claims that exceed the premiums raised by insurers.
“This situation is not sustainable, so it is essential that members – and those doing conveyancing work in particular – take steps to review their risk management practices and ensure these are adequate to avoid all but the most improbable claims.
“The Law Society has a range of resources and information to help our members get the best cover for them and will be on hand ahead of the October renewal date.”
Kindly shared by The Law Society of England and Wales
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