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PII renewal season approaches

A thorough record of risk incidents and good communications with a broker are key to achieving the best coverage, says James Holman

14 March 2017

After people and property, professional indemnity insurance is likely to be the largest annual financial commitment a firm will make. It’s also a legal requirement to practise, and yet many firms fail adequately to plan ahead for their PII renewal, limiting their ability to achieve the best coverage and financial outcome.

In particular, this can be an issue for small to medium-sized firms, which may lack the resources to dedicate a lot of time to a PII renewal. In those circumstances it can become a last-minute consideration when renewal season rolls around.

The good news is that, in general, the PII market has remained fairly soft over the past five years. Premiums – particularly for those firms which can demonstrate that they are well run and have a firm grasp of risk – have remained level. But to access the best deal, firms...

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