Indemnity insurance
Consumer panel hits back over SRA ‘double standards’ claim
The Legal Services Consumer Panel has hit back at criticism by the Solicitors Regulation Authority (SRA) that it opposes a minimum indemnity insurance limit of £500,000 for solicitors, while supporting it for accountants.
Indemnity cover cut ignores ‘increasing’ number of larger claims
The number of larger professional indemnity claims is increasing, undermining the case for a cut in the minimum cover for law firms from £2m to £500,000, an industry expert has argued in a letter to the Legal Services Board.
‘Accountants have £500,000 indemnity limit, so why can’t we?’ SRA asks LSB
The Solicitors Regulation Authority (SRA) has reminded the Legal Services Board (LSB) of its decision to allow accountancy firms wanting to carry out legal work to have minimum indemnity insurance cover of £500,000, in a bid to head off concerns about its move to reduce the level for solicitors.
BSB follows SRA in backing £500,000 indemnity limit for firms
The Bar Standards Board has followed the Solicitors Regulation Authority and proposed that the advocacy and litigation firms it hopes to regulate later this year should have indemnity cover of at least £500,000.
ABI joins critics of lower indemnity insurance limit
The Association of British Insurers has joined the chorus of criticism of the Solicitors Regulation Authority’s decision to cut the minimum level of professional indemnity insurance to £500,000. SRA consultees were opposed by nearly 3:1, it has also emerged.
SRA goes ahead with £500,000 PII limit but postpones other reforms
The Solicitors Regulation Authority has decided to go ahead with cutting the minimum compulsory cover for indemnity insurance from £2m to £500,000, despite strong opposition from the Law Society.
SRA attacked from all sides on indemnity reforms
The Solicitors Regulation Authority’s proposed indemnity insurance reforms have been attacked from all sides by the legal services consumer panel, the Law Society and the insurance industry itself.
CML warns on indemnity reforms: “Lenders will cut their panels”
Small firms and sole practitioners could be removed from conveyancing panels if the Solicitors Regulation Authority goes ahead with its indemnity insurance reforms, the Council of Mortgage Lenders (CML) has warned.
Hudson: SRA insurance reform will “destroy high street conveyancing”
Preventing mortgage lenders from claiming on solicitors’ compulsory indemnity insurance will “destroy high street conveyancing”, Law Society chief executive Des Hudson has said, in a wide-ranging speech on the state of the profession.
Yorkshire Building Society “will not reconsider” ban on unrated insurers
Yorkshire Building Society has said it has “no present intention” of reconsidering a ban it has decided to impose on firms with unrated indemnity insurers, even though the Solicitors Regulation Authority last week decided against one.
Blog
Five key issues to consider when adopting an AI-based legal tech
As generative AI starts to play a bigger role in our working lives, there are some key issues that your law firm needs to consider when adopting an AI-based legal tech.
Bulk litigation – not always working in consumers interests
For consumers to get the benefit, bulk litigation needs to be done well, and we are increasingly concerned that there are significant problems in some areas of this market.
ABSs, cost and audits – fixing regulation after Axiom Ince
A feature of law firm collapses and frauds has sometimes been the over-concentration of power in outdated and overburdened systems of control.
Reports
Associates
