Law Society and Prime Professions join forces to help ARP firms

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The Law Society has announced it will again offer a scheme to assist law firms who are experiencing difficulty securing professional indemnity (PI) renewal terms.

The SafetyNet scheme will provide assistance to firms seeking to avoid entering the assigned risks pool (ARP) or attempting to exit the ARP.

The scheme is managed by Prime Professions and firms which apply will undergo a free initial assessment to determine their risk profile and current insurance status.

If additional assistance is required, Prime said it would conduct a review and propose a strategy to address any issues surrounding the reasons for a firm's insurance position.

Law Society chief executive Desmond Hudson said: "We are committed to doing all we can to offer an opportunity to distressed legal practices to escape the ARP or avoid it. We hope that this scheme will achieve this objective and help practices improve their risk profile for the future."

Prime Professions' director and head of risk management services, Colin Taylor said: "We are delighted to assist the Law Society and its members with the SafetyNet PI scheme. We feel that our experience and resources will provide firms an honest and professional appraisal of the options available.

"We have already successfully obtained qualifying insurance terms for a number of firms that were in the ARP and feel that this service will help many other firms facing a difficult renewal."

The Law Society recently re-opened its PI Helpline for solicitors. It is anticipated that it will run until at least early November. 

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