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Professional Indemnity Insurance Explained

Professional indemnity insurance (also known as professional liability insurance) is a large, rapidly growing sector of the commercial insurance market, with many insurance companies actively fighting for market share and offering...

Solicitors Professional Indemnity Insurance

Whether you are starting a new law firm or already established, we have specialist knowledge of the professional indemnity market for Solicitors. We offer a range of specialist services helping firms obtain their cover quickly and at...

How to reduce your professional indemnity premium....

If you are a larger professional services firm and you don't buy your cover online, here are some great tips from our experts that could have a dramatic affect on the professional indemnity insurance premium you pay. Create...

Cyber crime and your professional indemnity insurance

News stories about hacking make regular press headlines around the world and the incidents are likely to get worse... The issue of hacking should be a growing concern to all professional businesses holding sensitive client data or client money....

Guide To 'Run Off' Insurance

'Run off' insurance is professional indemnity insurance which covers the historic liabilities of a business and its directors when the business ceases or is acquired. You may be considering selling or merging your firm and...

Liability successfully limited to £3,225 in £30 million fire damage claim

In this recent finding, Lord Tyre restated the reasonableness test for the applicability of limitation of liability clauses. On 10 November 2009, a fire broke out at Benkert UK Limited's industrial premises in Clackmannanshire resulting in losses of...

Design & Construct - Guide To Professional Indemnity Insurance

Contractors are increasingly taking on a design liability by employing their own in-house professionals or by assuming a liability when they sub-contract out the design element.  When undertaking contracts on a design and...

What is (and isn't) professional behaviour - our clients views...

'professional' ; having or showing the skill, good judgement and polite behaviour that is expected from a person who is trained to do a job well. We arrange professional indemnity insurance for many professionals in...

Avoiding a professional indemnity insurance claim

Today professional indemnity (PI) insurance is seen as an indispensable tool for securing new contracts and conducting business. Although professional indemnity cover is a useful safety net, there are many ways to ensure you should never have to claim...

Guide to Collateral Warranties

If your business is working in the building and construction industry, you will almost certainly have been asked to sign various agreements and warranties at some point, perhaps to win contracts.  This requires a completely different set of...

Guide to professional indemnity insurance claims - updated

The obligation to notify claims AND potential claims (circumstances) can be quite demanding. The onus is on you to ensure that all such matters are notified in line with your policy terms and conditions. It is important that the policy terms and conditions...

Estate Agents Guide To Professional Indemnity Insurance

Running a successful estate and letting agency is far from simple. When something goes wrong, there are ways you can protect your business from any mishaps that you might have by taking out professional indemnity insurance. For competitive...

Professional Negligence - Reducing The Risk

The risk of professional negligence is always there for every   professional services business. But there are steps you can take to manage your exposure - and taking out professional indemnity insurance is one such step. Here we look at the...

The Professional Indemnity Time Bomb!

Professional indemnity insurance is designed to protect you should a client make a claim against you for professional negligence. Often a loss arising from negligence isn’t immediately apparent and so the claim may be made long after the work...

What is a Retroactive Date on Professional Indemnity Insurance?

A retroactive date on professional indemnity insurance is the date the insurer has agreed to retrospectively cover a business from. Claims occurring from the policyholder’s work carried out after the retroactive date will be covered by the...

Read our guide on capping liability; If the cap fits

Clauses that cap the liabilities of a firm when they make a mistake are now common in business contracts. They are an important protection for a firm, but how well do they really work?  Our latest guide provides valuable...

Looking Ahead: Professional Indemnity Insurance

International law firm DWF has outlined and explored the impact that the recent COVID-19 pandemic has had on small businesses, legal firms, construction professionals, valuers, brokers, IFAs and accountants, including what effect it has had on claims. 

Our Outlook on the 2021 Professional Indemnity Insurance Market

The professional indemnity insurance (PII) market in the UK has changed dramatically over the last ten years. We initially saw significant rate-cutting and an oversaturated market, but the last several years have witnessed a mass exit of insurers with no...

Silent Cyber and Professional Indemnity Insurance

In the fast-growing world of technolog y, cyber-related exposures are becoming far more commonplace. Businesses now have to carefully consider what measures should be put in place to protect them in the event of risk associated with financial loss,...

Solicitors PII ; Our Market Update including Covid-19

When not in lockdown, most Solicitors and Insurance Underwriters are office-based. As such, they are unfamiliar with the challenges presented by remote working on a laptop or in a confined space that they probably share with their...

Accountants - ICAEW Warning to Members

In response to the hardening PI insurance market, the Institute of Chartered Accountants (ICAEW) has issued new guidance to member firms about professional indemnity insurance. Their comments are aimed at ICAEW members, but also apply to any...

Professional Liability - The Experts Predictions

Patrick Hill, Partner and Head of Professional Risk at international law firm DAC Beachcroft offers some fascinating predictions on the challenges that professionals and their PI insurers may face in the coming year and beyond.  This is essential...

Construction ; Premiums soar as insurance crisis deepens!

The insurance crisis in the construction sector continues to deepen.... ....as more insurers announce their withdraw from the professional indemnity market, driving up premiums even further. Architects, engineers, designers and surveyors are all...

DWF Legal Insights - Trends in claims against Solicitors 2019-20

Leading legal services group DWF have released an excellent review of the trends in professional indemnity claims against the legal profession…. Introduction There has been a reduction in volume of claims against solicitors in the last...

Financial Advisers - why are PI insurance rates soaring?

We review the current PI insurance crisis facing the financial services sector... Since the 1980s, professional indemnity insurance has been compulsory for all Financial Advisers and it's been the source of much controversy ever since. ...

Maven - dramatic exit from solicitors PI market!

Aon has recently announced the withdrawal of its Managing General Agent (MGA) Maven from the Solicitors professional indemnity insurance market. In a surprise move, those firms insured with Maven have been contacted by Aon to advise...

PI insurance helps you win new contracts

Professional indemnity insurance (PI) makes good business sense if you are a contractor. It protects your business from expensive claims from a client if they allege that you made a mistake, as well as bolster your IR35 status, indicating that you...

Who Needs Professional Indemnity Insurance?

Almost anyone who provides a service to customers now requires professional indemnity insurance. Our online quote system instantly compares competitive quotes for over 500 different occupations and this number is constantly...

Professional indemnity insurance - your worst case scenario...?

Determining the right level of professional indemnity insurance cover for your business... ...is not an exact science, but making a wrong decision can be catastrophic. So rather than picking a random figure that may or may not...

Why Smart Firms Pay Less For Their Professional Indemnity Insurance

If you are a large or more complex professional business, the calculation of your professional indemnity premium by an insurance underwriter is not an exact science.    Giving a good impression of your business can vastly...

When should you notify a professional indemnity claim?

When you buy a professional indemnity insurance policy you enter into a contract with the insurance company. Like any contract there are rules which must be adhered to, some of which are very important... Your Policy Obligations One of the...

Financial Advisers - Reducing the risk of Professional Indemnity claims

If you are an IFA then you will have your own view of the huge changes the industry has gone through during the last 10 years. Whilst the aim has been to improve choice and transparency for the customer, Financial Advisers and the entire...

GDPR and professional indemnity insurance - what you need to know

Just when you thought you were getting your head around GDPR along comes another awkward conundrum. Here’s the question: If I comply with the new rules and delete files containing personal client data, will I invalidate my professional indemnity...

Professional Negligence Explained

When you are asked to sign a contract to supply a service to a client, they may stipulate that you must carry a minimum level of professional indemnity insurance. This cover protects your business against allegations of professional...

We're in the Top 1%

In April we proudly made the top 1% of the most popular websites in the World. Our organic visits reached a new record level and this was a first time in the top 1% since the website was launched in 2011. This achievement also makes...

Even more tips to avoid a professional indemnity claim!

Good risk management is important to the success and survival of any business. Hopefully you read our first highly popular set of tips on this subject but if you didn't, the link is at the bottom of the page. But here is our second set...

We love a great quote....

  We're well known for our great professional indemnity insurance quotes... ...but as well as insurance quotes, here in the office we also enjoy reading the literary kind which are inspired and can create debate. From Churchill...

Claims Focus - Property Professionals and Surveyors

Professional Indemnity claims against surveyors and property related professions can be substantial... When something goes wrong with the sale or letting of a property, the legal costs and size of the claim can quickly escalate...

Lejonvarn v Burgess

Sometimes you might be tempted to give some free professional advice to help a friend. But after the recent decision by the Court of Appeal, you might think carefully about the consequences of giving something for nothing….. Mr and Mrs Burgess...

Caught in the Act!

Nine months after it became law, Niall Hevey of specialist law firm Reynolds Colman Bradley gives his expert view on the impact of the Insurance Act... The Insurance Act 2015: Redressing The Balance? In order to achieve its objective of redressing the...

Killer Marketing Tips for Start-Ups

Whether you’re just starting out in business or you want to grow your business there are some key factors that can really make a difference to whether your marketing efforts are a success or failure. Below, we take a look at some of these factors: ...

Our new office on the coolest street in Britain!

We are pleased to announce the opening of our 2nd office which will focus on the delivery of corporate professional indemnity insurance services to high quality professional clients.  The new Bristol office enjoys a prestigious location on...

Keep Your Client Data Secure

Data breaches cost businesses many millions of pounds every year... ....and the chances are your firm has a number of assets that contain sensitive information about your customers. With this in mind, it's important to take steps to minimise the...

Pen Underwriting appoints new head of Solicitors' PI

City Based MGA Pen Underwriting has announced the appointment of Paul Crilly as the new head of their solicitors professional indemnity team. Crilly has over 25 years experience in the PI market with firms including Alexander Forbes and more recently...

£ 9.14 Million Negligence Claim Over Caribbean Conflict

Top 20 Accountancy firm Wilkins Kennedy lost a High Court battle this week and were ordered to pay a former client damages of £ 9.14 million for professional negligence . The claim by the Harlequin property development group initially started at...

Burns Anderson Clients Lose Battle

Burns Anderson clients lost their claim in the commercial court last week following a long battle with professional indemnity insurer Liberty Mutual. 99 claimants tried to claim against the Burns Anderson professional indemnity insurance policy. The...

Markel acquire specialist professional indemnity insurer

American owned Markel International has recently announced the acquisition of Galleon Marine for an undisclosed amount. London based Galleon, which specialises in marine professional indemnity insurance, was founded in 2010 and its client base is...

QPI Legal Acquired

QPI legal, the Northampton based insurance broker has sold to PIB for an undisclosed amount. QPI Legal provides professional indemnity insurance policies mainly to solicitors and the legal profession. The acquisition is the fourth made by PIB, previous...

Another Insurance Premium Tax Rise!

Following the announcement in the March budget, insurance premium tax (IPT) is set to increase again with effect from 1 October 2016.   It will be the sixth increase in the tax since it was originally introduced at 2.5%. Last year the IPT...

Solicitors enjoy professional indemnity rate reductions

With up to 90% of the legal professional renewing their professional indemnity insurance on 1 October, the solicitors renewal season now into full swing. So what's the market doing this year? Generally rates are dropping to varying degrees...

Collapse of Enterprise Insurance brings uncertainty to solicitors

The Gibraltar based professional indemnity insurer Enterprise Insurance has collapsed. Enterprise has been an important insurer in the solicitors’ professional indemnity insurance market and insures many of the UKs law firms. Policyholders...

Professional indemnity market update for IFAs

The professional indemnity insurance market for most of the 5,400 directly authorised IFA firms has been turbulent in recent years. Most saw a significant increase in their premiums and some harsh exclusions added to their policies. The reasons for...

A million SME's fail to buy professional indemnity insurance...

For some small businesses cash flow is critical to survival. Many business owners will scrutinise their monthly expenditure and trim this back to the bare minimum, particularly if the business is going through a rough patch. Professional indemnity...

Accountants Are The Worst Drivers

According to a new study by insurers, Accountants are the most accident prone drivers in the UK. Doctors and Solicitors closely follow them on the list of worst drivers. In 2015, a staggering 16,000 accident claims involved Accountants while a...

Professional Indemnity Claims - Probate

Probate is an area of work where problems can and do frequently give rise to professional indemnity claims and with many firms of accountants now considering this type of work, learning from the mistakes of others can be a great prevention.   We...

Accountants Claims - Predicting the Future

Claims made against accountants during the last recession and even over the last decade have often escaped the more excessive claim trends that have been suffered by other traditional professions such as the law, with accountants on the whole avoiding the...

£15.5 Million Fines For Solicitors PII Failures

The Financial Conduct Authority (FCA) has fined five individuals and two firms a total of £15.5m, in addition to banning four of those individuals, for significant integrity and competence failings. The FCA fined Shay Reches £1.05m following an...

Elite Insurance Pulls Out Of Solicitors PII

With concerns about negligence claims against the legal profession, Elite Insurance has withdrawn from the English and Welsh solicitors' professional indemnity insurance market. The company, which entered the market in 2012, confirmed that all existing...

Procurement professionals need professional indemnity insurance

A poll carried out by the procurement and supply website Supply Management found that buyers overwhelmingly support the use of professional indemnity insurance (PI) by self employed procurement professionals. Not only did they feel it was good...

The Insurance Act - Flexible and fit for purpose

The Insurance Act 2015 revamps outdated and unsatisfactory legislation..... The Insurance Act 2015, enacted in February and expected to come into force on 12 August 2016, effects some fundamental changes to the commercial insurance regime. It will...

Professionalindemnity.co.uk - Fastrack Team

Professional Indemnity Insurance Brokers has a new specialist insurance broker. Karen Fox has recently joined the business to develop our new SME quotation unit, Fastrack. Not all businesses can buy their professional indemnity insurance online....

Financial Professionals are targeted by Cyber Criminals

Whilst Cyber crime is often associated with money being taken from individuals computers, evidence suggests that organisations with electronic data are being targeted with insider traders looking to gain information on businesses. This focus will inevitably...

A Very Risky Business

New research reveals that only a third of SMEs currently have Professional Indemnity Insurance (PI). Not all SMEs will require PI cover but of the remaining 3.3 million of the UK’s 5.2 million SMEs, those that do could find themselves...

Insurance Premium Tax - Imminent Increase

Chancellor of the Exchequer George Osborne announced at the last budget that the standard rate of insurance premium tax (IPT) will rise from 6% to 9.5% from 1 November 2015. The increase will apply to all classes of insurance including...

Understand Your Policy Obligations

Your professional indemnity policy is an important document. It is a contract between you and your Insurer and like any contract, it should be read and fully understood by all its parties. It is a commercial insurance contract and so unlike personal lines...

How Much Cover?....Getting it Right!

The ‘limit of indemnity’ (LOI) is the amount of cover or protection provided under the professional indemnity policy. Calculating the right amount isn’t an exact science, but getting it right is very important to avoid under-insuring,...

Becoming Self Employed - Insurances to Consider

Becoming self employed can be both exciting and daunting. Whatever your chosen profession and however good you are at what you do, there will be many tasks that you will need to undertake that you will not have had to consider when you were an...

SMEs lose £ 6.4 billion through bad advice

Poor professional advice from third parties or consultants had resulted in 16 per cent of small and mico businesses surveyed losing money, according to a study by Direct Line. Their research found that over 320,000 small and micro businesses had lost an...

New Insurance Act 2015

In February 2015, the Insurance Act 2015 received Royal Assent and will come into force in August 2016. This is one of the most significant changes to commercial law in over 100 years. But what does it really mean for Professional Insurance policy holders? ...

Jelf In Takeover Talks

Insurance broker and consultant Jelf was one of London's stock market biggest risers on Wednesday as it confirmed it may be the subject of a takeover by global firm Marsh Ltd. Shares surged 19.32% to stand at 247p as the market welcomed the news. ...

Time limitations for claims against contruction professionals

If you are a construction professional, then this is for you. We've put together some guidance notes to help you understand the time limits that exist for a claim to be made on a project you have been involved in. You have a duty to "exercise...

Let us remind you when your policy is due for renewal

We understand that you are busy running your business.....before you know it your PI insurance renewal date has arrived and it's too late to shop around. So let us remind you when your insurance is due. We'll will then contact with an alternative...

What information do you need to get a PI quote?

Do you know what information you need in order to complete a Professional Indemnity Insurance Quotation? To help assist you, we have provided a simple guide to our on line quotation form that ensures you have the correct information to hand. Essentially,...

What other insurance might you need as well as professional indemnity?

Do you know what business insurance you need? There is a range of insurance available to you, some which is required by law and some that isn't an absolute requirement but still needs to be considered. If you are taking on staff, for example, the law...

Do you need Cyber Insurance?

Do you know what Cyber Insurance is? And do you need it for your business? Many small businesses are not aware that this type of insurance exists, despite the fact that computers are a primary tool for many of them. Cyber insurance is designed to protect...

Help and advice for small businesses and freelancers

Do you need some help and advice in running your small business or working as a freelancer? There are alot of organisations and websites that can be of assistance. Take a look at the government Website www.gov.uk/browse/business for factual information on...

Being a Professional

It doesn’t matter if you work for yourself or a boss, there are expectations that you will be professional in the course of business. But what is professional behaviour? Most people would probably find it easier to tell you what being...

Accountants and Legal Services

On 11 December 2013 the Legal Services Board (LSB) approved the application of the Institute of Chartered Accountants in England and Wales to become a regulator of legal services. As the accountancy body with the largest UK membership, this represents a...

SRA rejects law society bid to extend indemnity run off cover

The Solicitors Regulation Authority (SRA) has rejected a proposal by the Law Society to extend the additional run-off cover provided by the Solicitors Indemnity Fund (SIF) for a further 3 years until 2023. Clients of firms that close without any...

Free on line training on cyber security offered by Government

The Government has launched a free online training course to help members of the legal and accountancy professions to develop skills needed to protect themselves and their clients from cyber-attacks. The course will increase awareness of common cyber...

The importance of providing correct information to your broker

Can you imagine misleading a broker or insurer - or even lying to them? Why would you? Surely protecting your livelihood is more important than concealing relevant information. The recent case of Eurokey Recycling Ltd V Giles Insurance Brokers Limited...

Cyber Insurance Market Industry Statement

A joint meeting was held yesterday between the Government and UK insurers to drive forward collaboration to ensure the UK is one of the safest places to do business in cyberspace. It was agreed that there was a need to raise awareness of the threat posed...

Solicitors PI limits to remain the same this year

The legal services board has confirmed that they need more details before considering or confirming proposed changes to Solicitors PI for the traditional renewal season in October. As a result, the Solicitors Regulation Authority (SRA) has confirmed that...

Dentist escapes ban after securing professional indemnity cover

A dentist in Bridgwater, Somerset has narrowly escaped being banned from practising after he failed to obtain professional indemnity insurance. The General Dental Council (GDC) heard that Mr Carmichael of Lion House Dentistry had provided dental...

Professional Indemnity and Cyber Insurance

Do you know the difference between cyber insurance and professional indemnity? Do you need to have cover for both business risks? This is the question many businesses are now considering as the reliance on technology increases for many professions. ...

Professional Indemnity Case Briefing

Interested in reading about some recent cases in the professional indemnity world? This briefing by Kennedys illustrates the importance of having professional indemnity cover in place for your business to ensure legal costs are covered, irrespective as to...

Market Research report published on future of professional indemnity market

A market research report entitled "Professional Indemnity Insurance in the UK, Key Trends and Opportunities to 2017" has recently been published. The report highlights an expected increase in the number of professionals subject to compulsory...

SRA plan to change minimum compulsory PII for Solicitors

The Solicitors Regulation Authority has unveiled plans to reduce the mandatory insurance cover to help small firms find the right level of protection. They will reduce the level to £500,000 and reduce run off cover to a minimum of 3 years for closing...

Solicitor struck off for having no professional indemnity cover

Richard Caplan Solicitors have been struck off and ordered to pay costs of £ 21,000 having failed to maintain professional indemnity insurance for the firm as well as acting dishonestly. The SDT noted that the respondent had on a previous occasion...

More Law firms likely to face unrated PII threat

Thousands of law firms could be just weeks away from being plunged into uncertainty. According to  this year’s Law Society survey of almost 600 firms, 22% are relying on unrated professional indemnity insurers.That proportion is up from 16% in...

Solicitors' PI market Update

The insurance market doubts the SRA minimum rating plan can boost the solicitors’ PI market. Doubts are growing as to whether the possible introduction of minimum rating criteria for UK solicitors’ professional indemnity insurance will attract...

Solicitors PI and relationship with Legal Counsel

A recent High Court decision in the UK considered the extent to which a solicitor is entitled to rely on counsel's advices in advising their client. This case will be of considerable interest to solicitors and their professional indemnity insurers as it...

Exclusion for non registered auditor with no Professional Indemnity cover

An ICAEW member who admitted issuing 51 audit reports in the name of his firm when it was not registered as an auditor has been excluded from membership Edward Jenkins also admitted that he had not held a practising certificate or professional indemnity...

SRA consider ban on unrated indemnity insurers

The Solicitors Regulation Authority (SRA) is considering enforcing a ban on professional indemnity insurers which score below a rating of B in its financial strength assessment. At present, the authority only requires insurers to be authorised by the...

SRA set to publish names of uninsured firms

The Solicitors Regulation Authority (SRA) should this week publish a list of those law firms which were to have closed on 29 December because they failed to secure professional indemnity insurance, Legal Futures  has learned. There has been a...

Solicitors Indemnity Insurance under scrutiny in High Court

The way the legal profession is insured will be examined in the High Court this year in a major test case that could have implications for how all firms obtain indemnity cover. The £60m High Court battle is scheduled for 20 days during the...

Hundreds of Law Firms face closure after failing to secure insurance

More than 5 per cent of firms are facing forced closure by the Solicitors Regulation Authority (SRA) after failing to find insurance cover, risk experts claim, amid fears that practising certificate fees could jump to deal with rising intervention...

Solicitors Regulation Authority querying number of firms without Professional Indemnity Insurance

SRA  are still trying to work out how many legal firms don’t have professional indemnity insurance. A “substantial” number of law firms have failed to tell the Solicitors Regulation Authority (SRA) whether or not they have...

UK has largest market for professional indemnity insurance in Europe

The market for professional indemnity insurance across ten European countries - namely, Austria, Belgium, France, Germany, Italy, Netherlands, Poland, Spain, Switzerland and the UK will be worth around €7.5bn by 2017, according to Finaccord. ...

Cyber Risk in 2014

A ll signs point to 2014 being a “critical year for companies to better prepare to respond to security incident and data breaches,” warns Experian in its latest report on the future of cyber risk. Malware and hacking attacks jumped...

Professional Indemnity Brief

This briefing by Kennedys, brings you news of important cases that have taken place involving professional indemnity matters Read the full article here         ...

Irish Central Bank fines firms without professional indemnity insurance

SIX financial services firms have been sanctioned by the Central Bank for failing to hold professional indemnity insurance, as part of a crackdown to ensure compliance. The companies sanctioned were Campbell Financial Services, MOD Financial...

141 Legal firms to "prepare for closure"

More than 100 firms have been warned to prepare for the worst case scenario after failing to secure professional indemnity insurance on the open market ahead of the 1 October renewal deadline. The Solicitors Regulation Authority...

Lemma Manager hid finances

A finance manager at a failed provider of professional indemnity insurance to solicitors shielded its financial troubles through false and misleading accounts, a regulator’s investigation has found. The Gibraltar Financial Services Commission...

Law Firms Face Closure

The number of law firms facing closure after failing to secure professional indemnity insurance has jumped to 175, the Solicitors Regulation Authority (SRA) announced today. The figure is more than double the total of 69 announced as the renewal deadline...

Law Society - PII Made Simple

Read the latest PII guide from the Law Society. Invaluable reading for Solicitors everywhere as they approach the 1 October common renewal date. Download PII Made Simple ...

Chartered Institute of Taxation Guide To Professional Indemnity Insurance

The latest guidance notes on professional indemnity insurance from the Chartered Institute of Taxation contain some helpful information for members. The guidance note covers a range of questions, from how much cover is required and how to calculate...

Cyber Crime - How can you be prepared?

This month we are focusing on cyber-crime, the risks that are posed to businesses and individuals and how you can reduce these risks and indeed ensure you are covered if the you do come under attack......... In today’s world use of and...

Protecting personal data in the cloud

Source  Kennedys Law LLP   We have highlighted in our previous article Legal issues in cloud computing, several serious concerns which companies should take into account when opting for cloud computing services. In this article we examine...

FCA Set To Take Action

FCA set to take action on disclosing PI shortfalls The FCA is set to crack down on the lack of disclosure of shortfalls in professional indemnity insurance among advisers and wealth managers, experts warn. Speaking at an Institute of Chartered Accountants...

Why Recruitment Professionals Need Professional Indemnity Insurance

As a recruitment professional, it isn’t only the success of your career which depends on your ability to match talented candidates to the jobs and companies which suit them best, it’s theirs too. When you’re employed by a company to...

Law Firms At Risk Of Failure

Warning that 3,000 law firms are at serious risk of failure SOME of Britain’s biggest law firms could be forced to close or merge over the next few months, it was claimed yesterday. Richard Marshall, the Leeds-based managing direct of...

Solicitors Professional Indemnity Insurance - The Importance of Insurer Solvency

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...

Frequently Asked Questions - Professional Indemnity Insurance

In this day and age’s service-based economy there is a whole range of professions that essentially provide advice for a fee. Legal and financial professionals are the most obvious examples of this category, but accountants, engineers, construction...

Law Society Guide To Excess Layer Insurance

The Solicitors Regulation Authority (SRA) requires all firms to take out a minimum level of professional indemnity insurance (PII) cover. However, the principals of each firm will need to form an individual assessment about whether this minimum level of...

Arch Cru and Keydata....the continued fall out

Arch Cru - Following the fourth anniversary of their suspension, Arch Cru funds have rarely been absent from the financial press, even being compared to the funds at the centre of the mid-90s scandal involving 'rogue trader' Peter Young. Many of the...

When Is A FOS Decision Final and Binding?

  In Clark & Clark v In Focus Asset Management & Tax Solutions [2012] EWHC 3669 (QB), the High Court held that an investor can bring a substantial complaint to FOS, accept an award of the maximum amount FOS can award (currently £150,000,...

The E-myth Revisited

Professional Indemnity recommends The E-Myth Revisited to all small businesses. An instant classic, this revised and updated edition of the phenomenal bestseller dispels the myths about starting your own business. Small business consultant and author...

Innovative Tax Avoidance

Attendees of our 2012 Financial Services seminar may recall mention of the leading case on tax avoidance schemes: Andrew Brown & Others v InnovatorOne Plc & Others, in which judgment was awaited. This has now been handed down and in a detailed and...

Financial Ombudsman Releases Complaints Data

FOS release complaints data In May 2013 FOS released its annual review of 2012/13. During the year, the FOS received a total of 2,161,439 new complaints and enquiries, resulting in 508,881 complaints, a 92% increase on the previous year. 62% of the total...

Solicitors beware: The Jackson Reforms have landed....and they bite!

In Venulum Property Investments Ltd v Space Architecture Ltd & Ors, an application was made for permission to extend time for service of the particulars of Claim as a result of the Claimant's solicitors misreading the relevant rule and failing to...

RICS Report on Professional Indemnity Insurance for Valuations

Even with property prices rising again, claims arising from Valuation work for financial institutions continues to worry Professional Indemnity insurers. The RICS Working Group have considered this insurance problem and produced this report which is includes...

RICS Professional Indemnity Claims Handling Guide

Helpful guidance from the RICS. Their guide explains in detail the process of handling a professional indemnity insurance claim. The notes cover a wide range of important issues including who in a firm should be responsible for handling...

Is Your Firm Covered? Professionalindemnity.co.uk

If you are responsible for arranging your firms professional indemnity insurance cover, it is essential you are fully aware of all the factors affecting the level of cover your firm purchases. While some regulators provide member firms with specific...

Whoops! Does your broker understand professional indemnity insurance?

Have you ever had to extend your PI cover while waiting for your broker to finalise your renewal terms? We came across a case recently of an insurance broker getting it spectacularly wrong for their client............... An Accountancy firm were...

Validpath's guide to starting a profitable IFA practice

Leading IFA network Validpath has produced this excellent guide on setting up a new financial planning business. It is aimed primarily at firms of accountants considering venturing into the sector as an added service to their clients...... ...

Accountant and Non Legal Professionals Advice

Accountant and Non-Legal Professional's Advice is Not Privileged The UK Supreme Court delivered its decision in the case of R (On the application of Prudential PLC and Another) (Appellants) the Special Commissioner of Income Tax and Another...

Construction Update January 2013

The January 2013 edition of the Fishburns Construction Update is available to download now. This edition of the update includes a review from Peter Campion of the highly significant Court of Appeal decision in Ace European Group & Others v...

Cyber, Media and Data Security Insurance

Technology in business has come a long way in recent times. With it has come an increase in the technology risks that businesses now face. Cyber attacks  increasingly making headlines with well known companies becoming victims. Government figures from...

Construction Update September 2011

The summer 2011 edition of the Fishburns Construction Update is available to download now. This edition of the update includes a review from Matt Olorenshaw of the Honourable Mr Justice Coulson which provides a helpful reminder of the approach which should...

Professional Indemnity - Liability Update

In this edition of the Update we review a recent Supreme Court decision involving the Institute of Chartered Accountants in England and Wales ("ICAEW") in which the Court ruled that it was contrary to the principle of res judicata to allow a second...

Solicitors professional indemnity insurance market under increasing pressure

Solicitors’ professional indemnity insurance market under increasing pressure It is becoming increasingly difficult for insurance companies to operate in the solicitors’ professional indemnity insurance (PII) market. Datamonitor research...

2020 Insurance

Professional Indemnity Ltd are proud to be the recommended insurance provider for leading accountancy and lawyers group 2020 Innovation. We have been formally appointed to provide professional indemnity insurance products and services to members. ...

Business set for rapid growth!

Earlier this year we launched our brand new insurance business and the company is already receiving amazing feedback and comments from UK professionals. Professional Indemnity Ltd is one of a new breed of insurance brokers who blend traditional service...

Maximise Your Online Presence

With “Search” becoming the fastest growing form of marketing in the UK, all businesses regardless of size or industry will ignore their online presence at their peril. It’s becoming increasingly important that you understand how...

November newswire

In the latest business newswire from professionalindemnity.co.uk we look at a variety of topics from 'Free Anti Virus Software' to 'Knowing Your Customers'. ...

The Price of Real Security

Insurance giant Aviva have produced this helpful guide which explains why it's even more important for firms to carry PI insurance in the current climate. As well as car and household insurance, Aviva are one of the UKs largest PI...

Writing Effective E-Newsletters

Now that e-zines, e-newsletters and e-updates have become commonplace for professional services firms, there is increasing competition for your target audiences’ attention. Their inbox is literally brimming with marketing messages. It is important to...

New Government, New Plans?

So we changed Government recently what plans have they got in store for business owners in the UK? The new coalition government has unveiled a summary of its "programme for government", which contains many plans which could benefit the UK's...

Holding On!

Not all companies are seeing their sales drop during these turbulent times, some are doing really well. There are many examples of successful small and mid size companies so what can we learn from them? Our research shows that there are a number of areas...

Turn Marketing Communications Into A 2-Way Conversation

Marketing your firm is about much more than simply communicating with clients and potential clients. It is about engaging with them. The days of one-way marketing messages are well and truly over. Today, your firm must engage with clients and potential...