Excess Layer Professional Indemnity Insurance for Solicitors

SOLICITORS ‘TOP-UP’ PROFESSIONAL INDEMNITY INSURANCE

Arrangement of Excess Layer or Top-Up Professional Indemnity Insurance (limits in addition to the compulsory limit of indemnity – terms may differ from minimum terms).

Please read the introductory comments ABOVE under

‘Arrangement of Compulsory Primary Professional Indemnity Insurance (in accordance with the Minimum Terms and Conditions appended to the Solicitors’ Indemnity Insurance Rules)’

If your practice arranged insurance with the Solicitors Indemnity Fund (SIF) prior to 1st September 2000, you may have separately arranged additional ‘Top-Up’ insurance with a commercial insurer.

You may purchase additional limits above the compulsory primary limit of indemnity now.

If your practice established after 1 September 2000, you may purchase additional limits above the compulsory primary limit of indemnity.

ADEQUACY OF LIMIT OF INDEMNITY

The compulsory primary limit of Professional Indemnity Insurance for Solicitor Practices is presently £1000,000 each and every claim (Limited Liability Partnerships (LLP) Rules differ).

This limit may increase because claims do sometimes breach the present compulsory limit of indemnity. It may at some time in the future be deemed necessary to increase the limit because of the possibility of larger quantum claims but issues such as how many claims breach the present limit and whether practices purchase ‘top-up’ cover or not will be considered also. The Law Society’s indemnity insurance committee will no doubt continue to exhaustively review such matters.

Presently it is a matter for individual practices to discuss and decide upon. Adequate consideration cannot be overstated. A practice must review the work undertaken by the practice and consider the maximum potential liability – damages – claimant’s costs – other costs etc - should a matter go wrong, partially or wholly - (part of risk assessment procedure).

ARE YOU MAKING THE MOST OF THE FREE MARKET?

YOU DO NOT HAVE TO ARRANGE YOUR ‘TOP-UP’ INSURANCE WITH THE SAME INSURER PROVIDING THE PRIMARY COMPULSORY LIMIT OF INDEMNITY (any exceptions from individual insurers will be noted at quotation stage)

IF YOU INSURE YOUR ‘TOP-UP’ PROFESSIONAL INDEMNITY INSURANCE (OR EXCESS LAYER PROFESSIONAL INDEMNITY INSURANCE) with the insurer who provides your coverage for the compulsory primary limit of indemnity, the ‘top-up’ or excess layer limits of indemnity may cost you more, by virtue of the fact that the primary insurers rates will be higher than elsewhere because they are also taking the risk for the primary limit of indemnity, which is most likely to see claims.

Blackfriars have SAVED PRACTICES CONSIDERABLE AMOUNTS IN PREMIUM spend by arranging separate ‘top-up’ professional indemnity insurance.

WHAT TO DO TO OBTAIN A QUOTATION

IT TAKES ABOUT FIVE MINUTES TO OBTAIN A QUOTATION FROM US FOR THIS. We are able to use the proposal form you complete for your primary professional indemnity insurer or you can complete a very short form that we are able to supply you with.

THE FREE MARKET WAS CREATED BY YOU – IT IS UP TO YOU TO MAXIMISE THE POTENTIAL.

Blackfriars will provide compliant quotations to Solicitors in respect of all their professional indemnity insurance requirements, working with Qualifying Insurers and ‘top-up’ or ‘in-fill’ insurers who understand fully the disciplines and operations involved within the profession.

….THIS INCLUDES…

Go to our main Solicitors Professional Indemnity Page for an overview.

CONTACT Blackfriars TODAY FOR FURTHER DETAILS