The following Practice Compliance guidance note provides comprehensive and up to date legal information covering:
This Practice Note explains how you can deal with your professional indemnity insurance (PII) brokers and underwriters, including:
questions to ask your broker
what insurers like to see in firms they are insuring, and
other steps you can take to impress the insurers
The sorts of enquiries you should be making of your PII broker include in relation to:
insurers’ financial strength—rating and capitalisation
meeting with insurers
One of the best indications of financial strength is a favourable grade from an independent rating agency. Participating insurers are now required to disclose both whether they are rated and their rating’s provider. You should use this information when comparing PII quotes. Information about insurers and their ratings is available either from your broker or in the Law Society’s Guide to insurers' financial security. Also, ask your broker how much capital an insurer has. A policy from an insurer with 9,000 firms on risk but just £6m in funds with which to pay claims is unlikely to prove to be a good investment.
Brokers will give
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234