Miller Insurance
2 Contributions by Miller Insurance Experts
PRACTICE NOTES
This Practice Note is intended for law firms regulated by the SRA
This guidance is aimed at law firms regulated by the SRA. All SRA-regulated firms are required to maintain professional indemnity insurance (PII) in order to practise, and that cover must be arranged with a qualifying insurer. Produced with Miller insurance, this Practice Note outlines the steps you should follow to obtain cover for a new legal practice. If you are creating an SRA-regulated legal practice for the first time, there is a complete range of regulatory obligations to meet, one of which is obtaining PII from an authorised insurer. For more comprehensive detail on PII insurance obligations for SRA-regulated law firms, see Practice Note: Professional indemnity insurance—law firms.
It is surprisingly easy to underestimate how vital this process is. PII is commonly one of your largest items of business
Practice Compliance
PRACTICE NOTES
This Practice Note
This Practice Note is aimed at law firms regulated by the Solicitors Regulation Authority (SRA). It sets out practical ways to approach renewal of your professional indemnity insurance (PII) policy, as your renewal strategy can markedly affect the results you secure, regardless of prevailing insurance market conditions. As firms adapt by expanding business models, adopting new working practices, becoming more agile or pursuing opportunities in other territories, open and effective dialogue helps to limit the chance of unintentionally impacting PII cover.
When choosing an insurer, you can factor in your future plans, claim handling requirements and any added value services, and it is sensible to ensure you understand differences in what is offered. This Practice Note gives practical examples of how best to manage your PII renewal. For guidance on the regulatory requirements that apply to PII, see Practice Note:
Practice Compliance
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