More than 10% of law firms opted for unrated PI cover
More than 10% of law firms opted to place their professional indemnity (PI) insurance with an unrated insurer, a survey has found.
The report by law firm advisors O'Connors found that 13% of nearly 500 firms surveyed plumped for an unrated insurer.
It comes despite high-profile controversies involving unrated PI insurers Lemma, Balva and Beliner over the last 12 months.
Meanwhile, not one of the firms surveyed failed to renew its cover in time for the 1 October deadline.
Nigel Wallis of O'Connors said: "Whilst there are reports of several hundred firms taking advantage of the extended indemnity period, the results of our
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