Blog: Reducing the personal guarantee risk of solicitors’ PI
Todd Davison, managing director of Purbeck Personal Guarantee Insurance, assesses a particular challenge facing brokers and the solution available as the solicitors professional indemnity insurance renewal season fast approaches.
The solicitors PI insurance market has been incredibly demanding over the past few years, with rates hardening and a reduction in capacity.
With the April 2022 renewal season around the corner, brokers face another tough period securing cover for their clients. Research by Mazars found that closures of law firms over failures to obtain insurance have increased sixfold in five years.
But premium rises aren’t the only issue brokers face.
There has also been an enhanced level of scrutiny around
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