According to recent comments from the Solicitors’ Regulation Authority, indemnity insurance payments made by legal firms on their professional liability insurance policies have increased by 20 per cent for the 2011-2012 financial year.
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Indemnity insurance broker sees increase in activity
One indemnity insurance broker reports that the number of solicitor firms placing their professional liability insurance business through them increased for this renewal season, which ended on October 1.
Indemnity insurance market lobbying for radical reforms
The indemnity insurance market has been lobbying for radical reforms to professional liability insurance for solicitor firms, claiming that the current methods are unnecessarily escalating the cost of cover for all solicitor firms.
Allianz experiences combined written ratio depreciation
One business insurance company recently reported its first half of 2011 results, finding a slight depreciation of their combined written ratio to 96.2 per cent.
Insurer and underwriter team up to provide indemnity insurance
One business liability insurance provider has recently announced it has teamed up with an underwriting specialist in order to provide indemnity insurance to law firms in need.
Indemnity insurance premiums will not rise, says the FSA
UK regulator the Financial Services Authority recently stated that despite the new Financial Ombudsman limit being raised from £100,000 to £150,000 , indemnity insurance premiums will not be likely to increase.
IFAs to see their Indemnity Insurance premiums rocket
After one Court of Appeal ruling that issued a revocation of trustees’ ability to reverse poor tax decisions, IFAs may soon experience a hike in their indemnity insurance premiums.
Protect your business in these uncertain times
Manufacturers have recently been urged to protect their businesses in these uncertain times by ensuring that they have proper levels of commercial insurance cover in the event of an unforeseen occurrence.
Lloyds broker acquired by professional indemnity insurance provider
One indemnity insurance provider has recently announced it has come to an agreement in the acquisition of a registered Lloyd’s broker.
Tax agents required to have professional indemnity insurance
According to a draft proposal released recently from the Tax Practicioners Board, both BAS agents and registered tax agents will be facing requirements to hold indemnity insurance from July 1 of next year.
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