The British Insurance Brokers’ Association (BIBA), The Law Society and The Association of British Insurers (ABI) have launched a guide to buying professional indemnity (PI) insurance for solicitors.
The solicitors PI Insurance market is complicated and unique with a specific policy wording and a single common renewal date. This is the first time that brokers, insurers and solicitors have issued guidance on the renewal process.
The guide explains how to choose a broker and insurer, the workings of the PI market, completing the proposal form, difficulties in obtaining PI and gives information about rights and responsibilities in the renewal process, including how to make a complaint.
Desmond Hudson, Law Society Chief Executive, said: “We want to thank BIBA and the ABI for their input in producing this helpful guide for our members. We hope it will alleviate some of the pressures experienced in the renewal process and provide solicitors with a point of reference for their dealings with brokers and insurers.”
Eric Galbraith, BIBA Chief Executive, added: “The BIBA team, including a number of our members, has worked closely with the Law Society and the ABI to create this guide. This guide takes into account the requirements of all three – solicitors, brokers and insurers with the aim of facilitating the renewal process.”
Nick Starling, Director of General Insurance and Health at the ABI, commented: “Insurers are working to give customers the right cover at a price that reflects the risk. This guidance, with its emphasis on how solicitors can get the right information to brokers and insurers, will help build a more robust, competitive and sustainable market for professional indemnity insurance.”
The Buyers guide is available here
