Freelance Solicitors Professional Indemnity Insurance 2020 – The Market
At the end of 2019 the SRA amended its rules to allow a new trading style of “freelance solicitors” to operate. Unfortunately, the Insurance Market has been very slow to react – mainly due to many insurers withdrawing from underwriting Solicitors PI in general during 2020.
The SRA amended rules coincided with a thematic review initiated by Lloyd’s of London, where a lot of the capacity for this insurance market came from.
According to Press Reports, the non-US PI market lost approximately £347 million over 5 years to 2019, and Lloyd’s review identified that 2/3rds of this was from PI, which meant many Underwriter’s withdrawing rather than involving themselves further in an already loss making class of business.
Combine the massive losses, and with many Underwriter’s working remotely due to Covid 19 of the best part of a year has meant few new players willing to throw their hat into the ring and Underwrite an already awkward class of business.
As specialist Insurance Brokers, we can assist Solicitor Start Ups – be it Freelancers or Traditional Practices to overcome market issues, obtaining the best covers and prices available.
Contact us – we are here to help, and as Brokers we work on your behalf, not Insurers and only get paid in the event of a successful conclusion of providing you with the right cover at the right price.