Securing PII for a new legal practice
Produced in partnership with Travelers Insurance Company
Securing PII for a new legal practice

The following Practice Compliance practice note produced in partnership with Travelers Insurance Company provides comprehensive and up to date legal information covering:

  • Securing PII for a new legal practice
  • What is a participating insurer?
  • How to apply for insurance cover
  • Level of cover
  • What documents should you submit?
  • Presenting your proposal
  • Timing
  • Alternative business structures
  • The underwriter's perspective

All firms regulated by the SRA must have professional indemnity insurance (PII) cover in order to practise. This must be obtained from a participating insurer. See Practice Note: Professional indemnity insurance 2019—law firms.

This Practice Note provides guidance on the steps you should take to secure that cover for a new legal practice.

What is a participating insurer?

A participating insurer is an insurer that is authorised to conduct insurance business in the UK and that has signed the Participating Insurer’s Agreement with the SRA.

This agreement requires participating insurers to offer a minimum level of cover which is set out in the minimum terms and conditions of the SRA Indemnity Insurance Rules.

A list of participating insurers is available on the SRA website.

How to apply for insurance cover

Law firms can apply through an insurance broker for PII. Some insurers will deal with applications made directly to them but most will require you to use a broker. The SRA list of participating insurers indicates which insurers will deal with applications made directly to them.

If you decide to use a broker, you should consider:

  1. is the broker regulated by the FCA? You can check this by looking at the FCA's Financial Services Register

  2. how experienced is the broker in dealing with the solicitors’ PII market?

  3. what services does the broker offer, eg will the broker:

    1. visit your office to understand

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