Management- Professional Indemnity: Cause and effect
The move from mutual insurance to the commercial market has placed a range of pressures on law firms. With relegation to the sin bin of uninsurable firms an increasingly potent fear, are commercial insurers now effectively acting as regulators of the legal profession? Derek Bedlow reports
Since its introduction in 2000, much of the debate surrounding the replacement of the Solicitors’ Indemnity Fund (SIF) with an open market for professional indemnity cover has focused on the level of premium that law firms have had to pay for their mandatory first £1m of cover.
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