At Simcox Brokers, we can arrange Professional Indemnity (PII) insurance for Law Firms, ABS’s and Freelance Solicitors.
Up until August 2000, law firms self-insured through the Solicitors Indemnity Fund (SIF). Following the decision to switch from the statutory fund system, solicitors have since obtained PII insurance from the open market.
The Solicitors Regulation Authority (SRA) has established a compulsory level of cover for UK Law firms which is as follows:
• Recognised Bodies (ABSs, Limited partnerships, i.e. LLPs) are required to have a minimum £3M limit for Any One Claim
• All Sole Practitioners and Partnerships are required to have a minimum £2m limit for Any One Claim
For Freelance Solicitors, the limit of indemnity requirements are as follows:
• Minimum limit is £500,000 in the annual Aggregate
• Maximum limit is £2,000,000 in the annual Aggregate
As an independent broker we have built strong working relationships with a wide panel of select SRA approved insurers and can assist you throughout the application process, helping best present your firm to the insurers and fully supporting you in the event of a claim.
*Limits are correct as of February 2021, please note that limits may change and we advise you check with your regulatory body to ensure you have the correct requirements at the time of taking out your policy. Please note, you are required to take reasonable steps to meet claims arising from professional business. Although the regulations do not require more than the above cover, this limit may not be adequate for your firm.
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