Taking on the lawyers.
The phasing out of SIF means that, from 1 September, lawyers must buy their professional indemnity cover on the open market. This huge shake-up means there is plenty of business out there for brokers who are quick off the mark, says Simon Threadgold.
A mad scramble awaits brokers placing solicitors' professionalindemnity cover from now until 1 September. On that day, lawyers have to
renew their PI cover in the open market, instead of with the mutual
Solicitors Indemnity Fund (SIF), which is being placed into run-off.
The change represents a huge opportunity for brokers. This is a new
market, worth over £250m a year. It also means a lot of stress. "There is
a tremendous amount of work to be done," says John Sevastopulo, a director
of PI
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