Professional indemnity insurance for criminal defence solicitors
As you will be aware the cost of Professional Indemnity Insurance is predicted to rise significantly this year in view of a general increase in negligence claims against solicitors and an increase in the incidence of mortgage fraud.
We at Wilby Ltd specialise in providing insurance solutions for niche sectors of business where we recognise there are significant variations in risk between firms in the same industry and it is unjust for all to suffer increases due to the actions of a few.
We have negotiated an exclusive Professional Indemnity insurance facility solely for those practices involved in Criminal Defence work as we recognise that this is the lowest category of risk for insurers and your premiums should reflect this and not the market as a whole.
We know the issues the legal professionals face. Therefore, working closely with you, Wilby will ensure that you are provided with solicitor’s insurance cover that best fits your requirements. Professional Indemnity Insurance is essential for solicitors and professionals of Criminal Defence work.
Minimising risks and maximising on preventions are key. Choose Wisely, Choose Wilby.
Rising Costs and Reduced Capacity...
Rising costs and reduced capacity - this possibly encapsulates last years renewal period for the majority of solicitors in England and Wales. Despite warnings from the law society, many solicitors left it until almost 1st October before returning their proposal forms.
This problem was then further compounded by the withdrawal of an online quotation system by one of the major insurers, which affected many small practices.
As a result all quotations/renewals etc were manually underwritten leading to significant backlogs. Indeed as at 1st October insurers estimated they had over 7,500 outstanding quotes to process. Many practices only received confirmation of cover on the 30th October, the last working day of the month, due to the sheer volume of work insurers were dealing with.
Timing is key to ensure you receive the most appropriate renewal terms for your business. Completion and return of proposal forms as soon as possible is strongly advised.