Law Society announces new PI insurance assistance scheme

The Law Society has said in a recent announcement that it will once more begin offering a new professional indemnity insurance scheme for those solicitor firms who need help in either avoiding entrance to or attempting to exit the Assigned Risks Pool.

The newly minted ‘SafetyNet’ scheme will work in providing assistance to law firms who have had trouble securing professional liability insurance.  Managed by Prime Professions, the scheme will provide all applicants a a free preliminary assessment in order to determine their current business liability insurance status and their risk profile.

Prime Professions said that, in the event that a firm needed additional assistance, it would review the case before proposing a strategy in an effort to address the reasons that a firm may have that it’s in the position.

Desmond Hudson, chief executive of the Law Society, said that the organisation was fully committed to doing everything it can in order to offer opportunities to legal practices who wish to avoid or escape the ARP.  Mr Hudson said the Law Society has high hopes that the new scheme will aid in the achievement of this goal and will help law firms make improvements to their future risk profile.

Risk management head and director of Prime Professions, Colin Taylor, remarked that the firm was quite delighted to be able to render assistance to the Law Society and its members.  Mr Taylor was confident that Prime Professions’ resources and experience will enable the company to provide firms a professional and honest appraisal.

Prime Professions has already succeeded in obtaining qualifying insurance terms for several solicitor firms that had formerly been in the Assigned Risks Pool, added Mr Taylor.

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