Body warns members insurers strengh
The Law Society is warning lawyers to check the financial strength of an insurance company before buying professional indemnity insurance (PI), after the recent collapse of Quinn and Lemma.
The regulator said it its members to use insurers can meet claims will, and unclassified insurers dubbed an "unknown quantity". It added that it wants to curb the misconception that because the Solicitors Regulation Authority (SRA) a list of insurers that lawyers write, these insurers are publishes PI screened by the body.
The Law Society said it aims his warning to smaller companies to give them to see a insurers force before the next solictors PI renewal in the early summer.
The body warned small businesses to beware of choosing cheap quotes on quality housing, which might be more expensive.
The President of the Law Society Lucy Scott-Moncrieff said: "companies not must be one of the most important buying decisions for their practice without knowing the facts. While the cost is an important consideration for companies, they must be absolutely sure that their insurer will can its obligation to pay claims. Depending on the business structure of a company, uninsured loss devastating personal consequences.
"Companies need to also consider the limit of reimbursement of their policy sufficient for the potential liability of their company. The Law Society has additional guidance on additional and unnecessary layer opacity.
"It's for the SRA respond to the systemic risk of failure of the insurer, however, the Law Society is currently working on several activities aiming to limit this risk and provide a stable market for lawyers."
16 January 201319 December 20127 November 2012
18 October 201218 October 2011
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