Professional indemnity insurance for solicitors
In recent years there have been many changes within the
professional indemnity insurance market for solicitors. Insurers
have entered the market only to withdraw within a couple of years,
or restrict the types of law firms they are willing to underwrite.
This has led to a turbulent market.
We firmly believe that the placement of
solicitors professional indemnity insurance should be through
a specialist professional indemnity broker with knowledge of the
sector and the current SRA minimum terms and conditions.
Towergate Professional Indemnity have access to a number of
insurers and schemes from sole practitioners to multi partner
practices. We can seek quotations from them depending on the size
and type of law firm. Our generic proposal form and questionnaires
are available to download.
Ongoing support and advice is also provided during the year,
should a firm require guidance on a number of factors that can have
an affect on their professional indemnity insurance such as risk
management/compliance issues, future acquisitions or conversion to
an alternative business structure.
Our Claims Management team are suitably qualified and
experienced in the management and servicing of claims and
notifications. Our team includes qualified lawyers and chartered
insurance practitioners. We monitor the type and source of claims
to identify any trends and patterns to try and avoid further risk
of claims and to achieve the best possible results for our client,
both in terms of reducing claims losses and renegotiating their
professional indemnity insurance costs.
Management liability insurance
Towergate Professional Indemnity can provide a solution to the
concerns a partner or a management employee may have in their role
as a COLP and a/or COFA by accessing insurance to cover the legal
costs of representing and defending themselves at a Tribunal. Cover
can be arranged which includes defence and investigation costs that
are instigated against the individual for a breach of SRA conduct
rules as well as other legally empowered bodies.
There are now a variety of management liability policies
available that provide protection not only for COLP and COFA but
for other individuals within the firm who have a management
responsibility. Premiums start from as little as £250 + Insurance
Premium Tax based on a £100,000 limit in the aggregate. A proposal
form and summary of cover is available through downloads.
Towergate Financial can provide independent financial guidance
to law firms from advice on pension auto enrolment to relevant Life
insurance cover for directors.
There are many factors within the legal and insurance profession
that can have short term and long terms affect on professional
indemnity insurance. Towergate Professional Indemnity provide a
series of regular email bulletins to ensure that firms are kept
abreast of recent developments. Bulletins are
available through the download section.