What is does 'Qualifying Insurer' mean?
'Qualifying Insurer' or 'Participating Insurer' is a term that describes those professional indemnity insurers that have signed-up to a specific agreement with the Solicitors Regulation Authority (SRA).
Under the terms of the agreement, qualifying insurers agree to offer PII policies to law firms which meet the specific Minimum Terms and Conditions set by the SRA. Only these insurers are authorised to insure Solicitors in England and Wales.
The policy wording provided under the SRA's 'minimum terms' is widely regarded as the Rolls Royce of professional indemnity insurance. The cover is broad and the small print generally favours the policyholder rather than the insurance company.
For more information about this topic or a discussion with one of our experts, please call 0345 251 4000.