One broker has recently issued a professional indemnity insurance renewal reminder for solicitor firms, warning them to find the best quote they can find from professional liability insurance providers before the October 1 deadline comes and goes.
Broking firm JLT partner, Mike Perry, stated that the 2011 professional indemnity insurance renewal for solicitor firms will most likely be a difficult one, due to limited business liability insurance capacity in the conveyancing sector on account of a particular deterioration of claims experience. Many insurance providers are expected to be writing their book on a macro level whilst neglecting to properly evaluate each firm on its individual merits, Mr Perry added, which makes it just that much more important that solicitor firms find a broker they can work closely with that can make the difference on price through offering a personalised approach.
The broking firm partner also said that JLT offered such a flexible and tailored approach to professional indemnity insurance cover, which will ensure that solicitor firms are provided quotes from the insurance market that are the most competitive possible. The JLT team has large amounts of knowledge and experience in regards to placing solicitor firms in the UK with the best professional indemnity insurance cover, as each of their experts has an average of 17 years’ worth of experience doing so, Mr Perry also said.
JLT has no exclusive ties to any one market, which allows it to tailor its approach to broking in order to fit the profile of any given firm, the broker partner also said. The broking firm’s expertise means that it understands and seeks out the best options available from a range of different markets, Mr Perry concluded.