PII SHOCK FOR SMALLEST FIRMS

Aon's announcement that it will not provide professional indemnity insurance (PII) for small solicitors' firms has caused widespread anger in the profession. Unsuspecting sole practitioners and small firms were notified by letter that Aon's Maven MGA scheme, one of the largest providers of PII cover to small firms, will no longer provide cover. Solicitors say Aon gave no explanation. Firms now have until the end of September to find alternative PII. In a statement Aon said it 'has negotiated with alternative insurers and partner brokers who specialise in PI for solicitors to ensure that all existing Aon/ Maven clients with cover lapsing on 30 September 2019 are offered a renewal strategy that will deliver the very best terms available in the market'. 22 August 2019