Professional negligence: ‘Tis the season…
The 2008 professional indemnity insurance (PII) renewal season came as a surprise for many legal firms. It was the first year for some time that premium rates went up. PII protects the insured and its clients against the cost of defending claims or paying damages if errors or omissions are made by the practice. Despite forecasts in previous years that cover would become more expensive, competition had continued to push rates down to unprofitable levels and solicitors became accustomed to paying ever-decreasing prices.
With PI insurers predicting a flood of claims for 2009, premium rates went up in the renewal season of 2008 for the first time in years. Nick Pointon surveys a much-changed market for solicitors’ cover
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