Solicitors' Professional Indemnity Insurance - The Importance of Insurer Solvency
First there was Quinn, then Lemma and now Balva.
Every insurance policy in existence is only as good as the paper it is written on. In other words, the financial strength of the company that issues the policy will determine whether a claim can be paid. Given the long-term nature of solicitors’ PII, particularly run-off cover which must be provided for six years, it is important to know that your insurer is financially secure and will be able to meet any claims made on the policy.
The Law Society has prepared a document which is designed to raise solicitors’ awareness of the importance of their insurers financial security.
To download the full document.