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Stormy weather: new rules for professional indemnity

The storms that shook the insurance market last year, combined with the closure of the assigned risks pool and ongoing concerns over financial stability, should act as reminders that professional indemnity must be an everyday matter, says Gary Horswell

3 March 2014

The storms that shook the insurance market last year, combined with the closure of the assigned risks pool and ongoing concerns over financial stability, should act as reminders that professional indemnity must be an everyday matter, says Gary Horswell

Solicitors must feel like hard-pressed house owners in the flooded Somerset Levels, surrounded by challenge on all sides and wondering what's coming next.

When it was announced that the assigned risks pool (ARP) was being removed from solicitors' professional indemnity insurance (PII), many firms hoped that this would lead to better times but there is little sign of this yet. For years, insurers complained that their cost of the ARP net was climbing sharply and that the ARP forced them to cover a share of the risk of firms they would ordinarily refuse to insure.

The safety mech...

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