The rising cost of solicitors professional indemnity insurance.
Initial indications are that this year, Solicitors’ in England & Wales are facing marked increases in their professional indemnity insurance premiums ahead of the 1st October renewal.
With the deepening credit crunch and the stagnant UK property market, underwriters are becoming increasingly concerned that property related claims will begin to emerge. Experience from the 1990’s has shown that lenders will not hesitate in looking to recover some of their losses from professional advisers and their insurers. We have the ‘son of TAG’ threat as well…
Blackfriars may be able to assist you in containing your premium increases.
As well as arranging competitive primary solicitors insurance, we have negotiated a competitive Excess of Loss (top-up) facility with a Qualifying Insurer with premiums starting from as little as £750 per each £million Limit of Indemnity. This insurance ‘tops-up’ your primary compulsory limit of £2m (£3m for incorporated firms).
Capacity of up to £5m is available either directly above the compulsory primary layer of £2m (£3m for incorporated firms), or higher up in the programme and we have access to other facilities with different insurers if you need more than the extra £5m.
With only 13 working days to go, time is running out. This is working out really well for the existing solicitor ‘primary’ clients we act for – and it could for you too.
For further details please call Paula Johnson or Gavin Underhay on 0845 4583791, or to get a quick quote, simply send a copy of the proposal form (and supplementary info/claims etc) you have already completed for your primary insurer this year, tell us how much your quote is for your primary £2m (or £3m if you are an incorporated practice) and we’ll send a quote almost by return!
Visit the solicitors professional indemnity insurance site, or Email your 2008 presentation to gunderhay@blackfriarsgroup.co.uk or to pjohnson@blackfriarsgroup.co.uk, or fax it to 0845 4583796, or post it to the address below.
Blackfriars Insurance Brokers Ltd is an independent insurance broker with offices in Manchester, Cheshire, Essex and Kent. The company has been established for over 25 years and is managed by a team of fully qualified insurance professionals; individually with over 20 years experience each in both the arrangement and underwriting of general insurance. We have been arranging solicitors ‘top-up’ and primary professional indemnity since 1990.
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