Indemnity insurance
Consumer panel calls into question barristers’ £500,000 indemnity limit
The Legal Services Consumer Panel has called into question the existing minimum indemnity cover limit of £500,000 for barristers and called for more research before the limit was extended to firms regulated by the Bar Standards Board.
First sanction for firm that failed to close after extended indemnity period
The Solicitors Regulation Authority (SRA) has published its first decision fining a law firm for not closing down properly after failure to secure indemnity cover by the end of the extended policy period (EPP).
SRA stands firm on indemnity cover cut
The Solicitors Regulation Authority (SRA) has hit back at criticism from the Legal Services Board (LSB) over its plans to cut the minimum compulsory cover for law firms from £2m to £500,000.
Bar Mutual complaints referred to financial ombudsman
Two barristers caught up in high-profile disciplinary actions have referred complaints about lack of funding from the Bar Mutual indemnity fund to the Financial Ombudsman Service (FOS), it has emerged.
Compensation fund faces £2.5m bill for uninsured law firms
The Solicitors Regulation Authority expects its compensation fund to have to pay out up to £2.5m in the next practising year to cover the cost of negligence claims against uninsured law firms, it has emerged.
LSB praised for scuppering indemnity cover cut
The Legal Services Board has been praised for extending the time limit for its decision on whether to approve plans to cut the minimum indemnity limit for law firms, which meant the Solicitors Regulation Authority was unable to implement it this year.
Lower indemnity limit would “attract discount in premiums”, SRA insists
The Solicitors Regulation Authority has insisted that a lower minimum limit for indemnity insurance would “attract a discount in premiums” for law firms as it sought to counter widespread criticism of its plans.
Rated insurers “may be reluctant” to offer lower indemnity limits
Rated insurers may be reluctant to offer law firms indemnity limits as low as the £500,000 proposed by the Solicitors Regulation Authority (SRA), a leading insurance broker has warned.
SRA calls for evidence as indemnity deadline approaches
The Solicitors Regulation Authority (SRA) has issued a call for evidence on its indemnity insurance reforms, as the Legal Services Board (LSB) continues its deliberations on whether or not to approve a cut in the minimum cover limit.
Sole practitioners warn of “dire consequences” if indemnity limit is cut
Sole practitioners have warned of “dire consequences” if the Solicitors Regulation Authority (SRA) goes ahead with its plans to cut the minimum limit for indemnity cover from £2m to £500,000.
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