One provider of professional indemnity cover based in North Yorkshire has issued a warning to law firms to contact their insurers in order to ensure they have no unresolved claims before this year’s renewal date this coming October.
PB Curran, an independent business liability insurance broker in York, provides professional liability insurance for many sectors, including the solicitor market. The firm said that brokers need to play an imporant part in helping law firms with their preparations for the coming solicitor renewal season.
One PB Curran specialist, Maureen Parker, urged firms to take stock of any outstanding claims and institute measures to have them dealt with as swiftly as possible before the beginning of the renewal season. In light of how the capacity for professional indemnity cover for solicitors has been restricted over the past two years, Ms Parker added, the advice is particularly relevant, as smaller-sized firms have taken the biggest beating with large premium price increases.
Unlike other professions that require professional indemnity cover, law firms differ in one important manner: every law firm has a common October 1 renewal date. In order to make the time leading up to that renewal date as free as stress as possible, Ms. Parker said that PB Curran maintains relationships with its clients throughout the year, guiding them through the rather significant amount of work needed to both provide and collate data before renewal.
Adding that the broker has access to expert staff and a new facility, Ms Parker said that PB Curran was ready to support and guide solicitor firms through one of the most difficult and busiest times of the year. Ms Parker urged all solicitor firms to contact brokers now, thus avoiding any last minute rushes.