The following Practice Compliance guidance note Produced in partnership with Travelers Insurance Company Limited provides comprehensive and up to date legal information covering:
This factsheet is based on Travelers’ claims data over the six years to September 2014. It provides an overview of:
the relative risks involved in the different areas of legal work undertaken by solicitors and other Solicitors Regulation Authority (SRA)-regulated entities
the factors which cause claims, and
some risk management lessons from our claims experience
In each of the six indemnity years in our review, we insured around 15% of solicitors’ firms, so the data reflects only a part of the total indemnity market. That said, we insure all sizes of firms in England and Wales and regard our claims’ experience as broadly representative of the profession’s as a whole.
The first chart shows our claims experience broken down by the frequency, or number, of claims in various categories of work.
Company/Commercial—produces the largest number of claims, almost one in five
Commercial and Residential Property—generate almost equal numbers of claims. Together they account for over one quarter of the claims we have seen since 2008, the fallout from the financial crash
Other Litigation—we have a number of separate categories of litigation, such as Employment, Landlord and Tenant and Personal Injury. Other Litigation cases tend to arise from failed Commercial Litigation
Trust and Probate—accounts for 8% of claims
Other Work—this covers a wide range of
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