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SRA solicitors’ professional indemnity insurance: Minimum Terms and Conditions explained - scope, limits, aggregation, excesses, exclusions, special conditions, successor practice, run-off and SIF (England and Wales)

Practice notes
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This Practice Note outlines the professional indemnity insurance obligations for solicitors and provides detailed guidance on the Solicitors Regulation Authority (SRA)’s Minimum Terms and Conditions of Professional Indemnity Insurance (MTC)...

Regulatory setting

Who is the regulator?

The SRA is the regulator for solicitors in England and Wales. It exercises statutory powers and sets rules including the SRA Accounts Rules, the Code of Conduct and the SRA Indemnity Insurance Rules...

Is insurance compulsory for practice/membership?

The SRA maintains both the Indemnity Insurance Rules (IIRs) and the Minimum Terms and Conditions of Professional Indemnity Insurance (MTC), with the latest editions effective from 11 April 2025. Under rule 2.1 of the IIRs, every SRA-regulated firm must hold qualifying insurance—being a professional indemnity policy that complies with the MTC—placed with a participating insurer (IIR, r 2.1). The SRA also prescribes the minimum level of cover in clause 2.1 of the MTC as follows:

  • for limited companies and limited liability partnerships, a minimum of £3m for any one claim, exclusive of costs
  • for partnerships and sole practitioners, a minimum of £2m for any one claim, exclusive

...

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Web page updated on 21/05/2026

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