One PI insurance broker has recently launched a new smartphone app for professionals in the IT industry, allowing them to get business liability insurance price quotes or even purchase cover directly.
In order to manage the cost of claims more efficiently, IFAs that have advised investment in Arch Cru in the past have been told to contact their PI insurance providers in order to request they make contributions to the Capita redress scheme.
One business liability insurance specialist has recently pointed out that there are several risks inherent to the PI insurance industry posed by the recently amended Legal Services Act and the legal services sector’s growing trend towards consolidation in order to create worldwide professional practices through mergers.
Nowhere is the schism between the bottom and the top of the legal profession more evident than within the solicitors’ PI insurance market, according to industry experts.
One professional liability insurance provider has recently highlighted the upcoming PI insurance risks accompanying the 2007 Legal Services Act amendment.
Independent financial advisers will be facing substantial increases to their PI insurance and capital adequacy requirements in the event of the UK neglecting to maintain Mifid adviser exclusions, according to business insurance provider Zurich.
While all law firms will need to be prepared for the coming PI insurance revolution, smaller legal practices have recently been warned abut the need to have firm-specific, transparent information on their risk profiles.
One commercial insurance provider has recently warned that the new Data Protection Directive draft, as expected by the end of 2011 from Brussels, could lead to businesses facing higher PI insurance costs.
As the new regime begins to create a heightened complaint environment for advisers classifying themselves as independent, business liability insurance costs may soon be on the rise.
Legal firms across the North East region have recently been invited to join a new scheme that could see them saving tens of thousands of pounds on their PI insurance costs, sources say.