Discussion over scrapping the single professional indemnity insurance renewal date and consigning the assigned risks pool to history has reignited. LB reassesses the state of play
In our report last year, it seemed that the debate over whether to move away from a single renewal date for law firms’ professional indemnity insurance (PII) had been settled. Insurers, brokers and risk advisers, such as Marsh, felt that it hadn’t been thought through properly. Risk managers at the top-150 law firms surveyed couldn’t see the benefits of staggering renewal dates. Even the Solicitors Regulation Authority (SRA) itself, after taking advice from various corners of the industry, declared the likelihood of scrapping the single renewal date for solicitors’ PII as ‘improbable’.