Many firms will be experiencing a more expensive renewal of their PII, with more probing questions from insurers than before, including analysis of how firms have dealt with restrictions and conditions arising from coronavirus. We have produced two webinars in conjunction with Howden insurance brokers, and links are on www.legalrisk.co.uk/News. These address emerging claims and compliance risks from the current economic conditions and the PII renewal.
We have advised many firms with renewal issues on block notifications to help them ensure as far as practicable that claims arising from problem cases are covered under the current year’s policy.
We are also seeing an ever greater number of policy coverage disputes, particularly in relation to multiple related claims such as hotel, student let and other investment schemes.
Firms which decide to close down should see the SRA’s recent guidance on Firm closure due to financial difficulties and case studies. A link appears on www.legalrisk.co.uk/News.
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