Playing the waiting game.
The collapse of the Solicitors Indemnity Fund has led to a period of uncertainty for solicitors. Simon Threadgold says it will take a while for things to settle down as firms jockey for position.
Professional indemnity insurance is the biggest overhead forsolicitors, after salaries and rent. Renewals always take place in
September, and this year many solicitors will be wondering whether their
premiums will go up. This means a deluge of work for PI brokers, because
solicitors are sure to seek several quotes.
The background to this situation is the demise of the Solicitors Indemnity
Fund, the self-insurance facility with which solicitors were previously
forced to insure the first £1m of PI
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