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A date with danger

Michael Wilson looks at the potential problems created by the renewal date for solicitors’ professional indemnity insurance

6 June 2003

You are already more than three quarters of the way through this year’s professional indemnity cover. This means you should now be thinking about how your practice is going to present itself to insurers during July and August. Renewal – a perilous process There has been widespread dissatisfaction over the 1 September renewal date. None of the reasons stated in support of this date have been convincing. A sorry tale Why is August such a dangerous time for claims? Consider the following example. Bloggs & Co is a 10-partner firm. Although one partner, Fred, has agreed to arrange the firm’s indemnity cover, it is not a welcome task. He is too busy with his own work. At partners’ meetings there are the usual grumbles about the cost of indemnity insurance, but no-one wants to take responsibility for making sure claims are reduced to the minimum. This has encouraged a culture of indifference. Partners have not understood that potential claims...

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