A North Yorkshire professional indemnity provider has warned law firms to assess and seek advice from insurers about any unresolved claims ahead of October’s renewal date.
York based independent insurance broker P B Curran provides indemnity cover for all professions, including solicitors and said never has a broker’s role been so important to help firms prepare for the solicitors PI season.
Maureen Parker, of the Osbaldwick-based broker, which specialises in sole practitioners and firms with up to ten partners, urged companies to review their outstanding claims and take measures to close them down as quickly as possible.
“The advice is particularly relevant in light of how over the past two years the capacity for solicitors’ PI has been restricted, with small firms hit the hardest with large increases in premiums,” she explained.
Law firms differ from other professions requiring indemnity cover in that they have a common renewal date of October 1.
“To make the time of renewal as stress free as possible we maintain relationships with our clients throughout the year and guide them through the considerable work needed to provide and collate information prior to renewal” explained Mrs Parker.
“With access to a new facility and expert staff we are already equipped to guide and support firms through one of the busiest and difficult times of the year and would urge solicitors to avoid a last minute rush and contact brokers now to collate all information to ensure best premiums are obtained from the market.”