Making a Successful Renewal Application for Solicitors Professional Indemnity Insurance

Professional indemnity insurance is an essential element of professional practice for law firms, providing protection against claims for errors, omissions, or negligent acts. Cover is mandatory and the required terms of the cover are clearly set out in the SRA’s Solicitors Professional Indemnity Insurance Minimum Terms and Conditions.

Historically the Solicitors Professional Indemnity Insurance market has been a challenging space. Insurers have come and gone, rates have rocketed, capacity has plummeted.

For established law firms, a renewal offer of Solicitors Professional Indemnity Insurance is essential to the continuance of the firm. Leaders of law firms live in fear of the annual renewal cycle and the risks of not being offered renewal, or at least not being offered terms that are reasonable or manageable.

To maximise the chances of success (i.e receiving preferential renewal terms from the insurance market), it is important that the renewal application for solicitors professional indemnity insurance is completed accurately and thoroughly and that all of the necessary supporting information is included.

This session aims to provide a comprehensive overview of what solicitors need to consider when completing a renewal application for solicitor’s professional indemnity insurance for an established law firm, and how to get the most out of the renewal process.

Learning Objectives:

• Explain the SRA’s Solicitors Professional Indemnity Insurance Minimum Terms and Conditions
• Understand the renewal process for Solicitors Professional Indemnity Insurance for an established law firm
• Develop an understanding of the factors that are considered by insurers when looking at a renewal application
• Make a renewal application for Solicitors Professional Indemnity Insurance, for an established law firm that is likely to be successful