On 1 September, 2000, the provision of the £1m minimum level of compulsory professional indemnity (PI) insurance under the Solicitors’ Indemnity Insurance Rules switched from the Solicitors’ Indemnity Fund (SIF) to the commercial insurance market. For many solicitors, PI insurance premium payments constitute their largest annual outlay, after rent and salaries. The aim of the move to the commercial market was improved competition, leading to greater choice and reduced premiums for solicitors’ firms. Five years on, has this aim been achieved in practice?
Reduction in premiums?
