11 year high in claims against professional firms
High Court cases launched against professional firms for negligence have hit an 11 year high forcing more firms to borrow to pay increased professional indemnity insurance rates, according to independent finance provider Syscap.
The company reported that the total number of professional negligence claims launched against professional services firms in the High Court jumped 125% to 332 in 2009 up from 147 in the year before.
Syscap stated that with High Court claims against professional services firms, at their highest level since 1998 the insurers of these firms are now being forced to increase the cost of that insurance.
Philip White, CEO of Syscap, commented: "A ‘perfect storm' is an overused expression but for law
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