• Solicitors

    Professional indemnity insurance.

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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

Towergate Financial can provide independent financial guidance to law firms from advice on pension auto enrolment to relevant Life insurance cover for directors.

Latest news

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.