Changes to solicitors’ PI insurance limits delayed
Reduction in minimum cover rules will not be in place by October renewal season.
The Legal Services Board (LSB) has issued a warning that it is delaying a decision on the proposed change to minimum limits for solicitors' professional indemnity cover.
The Solicitors Regulation Authority (SRA) had proposed on 15 July that the compulsory minimum level of cover should be reduced to £500,000 from £2m (£3m for incorporated practices).
A decision was needed by the end of August in order to prepare the way for the traditional solicitors' PI renewal season in October.
However the LSB
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