Many firms will be seeking renewal on 1 October. Those with claims histories, particularly those with involvement in development schemes, are finding the market significantly tougher than it has been. We flagged up development schemes in our July 2017 issue. The potential claims exposures of firms whom we represent on coverage and disciplinary issues in relation to these are eye-watering. Cases are already subject to disciplinary proceedings.
We also understand that excess layer cover has become harder and more expensive to obtain and this illustrates why it is fortunate that the Solicitors Regulation Authority was unsuccessful in its previous attempts to reduce the primary level of compulsory cover. We understand that the SRA’s desire to overhaul PII may only be temporarily in abeyance.
‹ Back to Publications