Law firms that have their Professional Indemnity Insurance due on the 1st October are experiencing an unusually late renewal market. Gareth Milner, our Client Director at JM Glendinning Professional Risks, outlines the reasons behind this and urges practices to get in touch to discuss their options in these unprecedented circumstances.
Gareth Milner, client director at JM Glendinning Professional Risks
Reduced insurer capacity, increasing premium rates on primary and excess layer policies, plus changes in working patterns as a result of COVID-19, all appear to have impacted the 1st October Professional Indemnity renewal for law firms.
We are experiencing a very late PII market in 2020. Some insurers tell us they are still awaiting proposal forms from clients and all insurers are still extremely busy and/or delayed in issuing terms. We believe there are firms out there who will still benefit from our independent, results-led advice on the choice they may still have, even at this late stage in September.
It is also possible that firms will find themselves passing the 1st October deadline having not secured cover through no fault of their own. In these circumstances we can also help and give pragmatic advice as to how best they can obtain alternative cover.
Any firms that have received surprising renewal terms or are struggling to obtain acceptable quotations should get in touch with us as soon as possible.
JM Glendinning Professional Risks