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Assessing the level of professional indemnity cover limits for law firms

The Solicitors professional indemnity insurance (PII) rules require every firm to purchase a professional indemnity policy compliant with the minimum terms and conditions (MTC’s) and the minimum required limit is GBP 2,000,000 for sole practitioners and partnerships rising to GBP 3,000,000 for recognised bodies (limited liability partnerships, limited companies and the like).