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SOLICITORS 2009 PROFESSIONAL INDEMNITY INSURANCE RENEWAL

Approved Insurers we have spoken to are adamant that Professional Indemnity premiums for the legal profession must increase this year. Coming at a time when lawyers from the magic circle down are experiencing the most serious financial downturn in memory this will hardly be welcome news.

You may be forgiven for thinking "Yes, I've heard the call for higher PII premiums from Insurers before but as the renewal date moves closer they always improve their terms".

So why will this year be any different? Three of the main reasons are:-

1. Growing pressure from increasing ‘live'claims numbers and their size,
2. Concern to make provision for anticipated significant claims deterioration over the next year or two,
3. The loss of investment income to balance the books of Insurers whose premiums do not cover claims.

For more on why we expect Insurers to stick to their plan this year, click here.

What do we expect to happen to premiums?

All key approved Insurers we have spoken to are planning to re-price risks with rate increases of 20% being touted as benchmark. For more on how premiums might move and one major Insurer's prediction, click here.

Will a long list of Approved Insurers help?

If you think that the array of Insurer choices you have is vast and will counteract the effects of attempts by Insurers to move premium levels upward, click here.

In addition to increases in premium levels will there be other changes?

For other changes that might be seen this year, click here.

How can you access the best possible terms?

Here are NTEGRITY's tips on how to get the best from your renewal, click here.

Call email or write with your needs to NTEGRITY...that is if you want to hold onto your cash!