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Professional Indemnity Insurance

  • 08-11-2010 12:20am
    #1
    Delancey
    Closed Accounts Posts: 5,451 ✭✭✭


    An article in today's Sunday Business Post says that both Quinn and Royal Sun Alliance will not be renewing Solicitor's PII - this apparently will effect about 20% of Solicitors practices in this country.
    The article also said one solicitor was ordered last week to cease practise by the High Court due to difficulties in obtaining cover.

    Might this become a widespread problem ?


Comments

  • #2
    Reloc8
    Closed Accounts Posts: 2,857 ✭✭✭Reloc8


    It could do.

    The same quasi-crisis was reached last year around this time.

    The closing of the Assigned Risks Pool to new entrants means that the only option for a firm is the commercial insurers, who can pick and chose, and quote at uncommercial levels amounting to a refusal. Last year there was an awful lot of 11th hour cover being granted/taken out which kept the show on the road.


  • #3
    FreudianSlippers
    Registered Users, Registered Users 2 Posts: 20,397 ✭✭✭✭FreudianSlippers


    Heard about this last week myself from my instructing Solicitor on Circuit. She is currently with Quinn and is very worried about rates being hiked up because of less competition.
    Shame really as from what I hear PI insurance is already pretty hefty for Solicitors.


  • #4
    Monkeysee
    Closed Accounts Posts: 3 ✭Monkeysee


    Yes I hear that Quinn Insurance, Royal and Sun have decided not to participate in the solicitor Professional Indemnity market. Two other insurers pulled out of the market during the year as well. This coupled with the biggest insurer in severe financial difficulty makes for a bumpy ride for the solicitors.


  • #5
    Delancey
    Closed Accounts Posts: 5,451 ✭✭✭Delancey


    Mods - I was quite unaware of the existence of the other much larger PII thread - apologies , feel free to merge if you wish. thanks


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