It has been our role on behalf of our clients to obtain cost effective insurance protection not just by skilled negotiation with the insurance market but by also providing information and assistance on risk management. We believe that reducing operational risks is the best way to reduce the cost of Professional Indemnity Insurance (PII).
The current Professional Indemnity Insurance arrangements have worked well. Most firms now experience a renewal that is a simple, straightforward process and are benefiting from a competitive marketplace.
We are not against change that is for the benefit of our clients and the profession as a whole. The current PII arrangements include many protections not available to other professions and have managed to protect and navigate the profession through some of the toughest economic difficulties of the last 18 years. To remove many of these protections without fully considering or challenging some of the assumptions being made would be a neglect of our duty to the profession.
As such, this reply to the SRA Consultation on PII has been formulated after much reflection of the various documents provided by the SRA in this regard.
Download our full response to the consultation here.