Government statement clarifies SDLT ‘tapering’
The government has provided clarity on the stamp duty land tax announcements made by Chancellor Rishi Sunak in yesterday’s budget. The official note released by the government reads: “The temporary increase to the nil rate band for Stamp Duty Land Tax, which is the rate before you start paying SDLT on residential property has been […]
CLS Property Insight introduces Savendale, Powered by CLS PI
CLS Property Insight (CLS PI) announces a new partnership with Savendale Insurance Services – an established company with unrivalled industry experience and expertise that will bring a focused series of offerings to private client solicitors in Scotland. CLS PI has become a market-leading provider of Executry and Guardianship Bonds by listening to the industry and […]
Challenges and Changes for Conveyancers
Stewart Title hosting FREE CPD Webinar on the most important issues for property lawyers in 2020 Ever since the effects of the Coronavirus epidemic started to hit the real estate market in March, Stewart Title has been proud to work with noted property law expert Ian Quayle to deliver a unique series of FREE CPD Webinars for […]
Philip Armstrong reflects on his ’viral’ conveyancing video
Following on from the overwhelming response to last week’s LinkedIn video, Armstrong Solicitor’s Philip Armstrong reflects on the impact the video has had around the sector, the feedback he has had from fellow practitioners and the key lessons he feels we should take away from the sentiments shared. The video, shared by Today’s Conveyancer last […]
Conveyancers asked to check protection following SIF closure postponement
As a result of the coronavirus pandemic, the closure of new claims to the Solicitors’ Indemnity Fund (SIF) has been postponed until 30 September 2021. Although, the postponement gives conveyancers another 12 months breathing space. Simon Davis, President of the Law Society of England and Wales has revealed that this doesn’t resolve “the underlying problem” […]
Howden Acquires St Giles Legal & Professional Risks
Howden, the independent insurance broker with employee ownership at its heart, announced today that it has reached agreement to acquire St Giles Legal & Professional Risks (‘St Giles’), a professional indemnity insurance broker specialising in the UK solicitor sector, a market in which Howden is already a leading provider. This move further cements Howden as […]
The Law Society Responds To IUA
Recently, we published that the International Underwriting Association of London (IUA), the trade body with the responsibility for underwriting professional indemnity insurance (PII) have written an open letter of the industry warning them about their PII renewals. The trade body was concerned that professional indemnity insurance (PII) “could become unsustainable” if underwriters couldn’t cancel policies where […]
IUA Write Open Letter To Industry About PII
The International Underwriting Association of London (IUA), the trade body with the responsibility for underwriting professional indemnity insurance (PII) have written an open letter of the industry warning them about their PII renewals. In the letter, the IUA warns that the current risk taken on by PII providers for non-payment of excesses and premiums is […]
Be Ready: PII Renewal Issues
With the next Professional Indemnity Insurance (PII) renewal date looming on the 1 October, here at Today’s Conveyancer, we wanted to look at the current market conditions and renewal issues, so solicitors are fully informed and prepared. With a global pandemic, which resulted in the UK being put into lockdown, speculation of a looming recession, and […]
Law Society Warns Firms About Delaying PII Renewal
The Law Society for England and Wales have sent out a rallying cry to the legal community, encouraging them to act now on their professional indemnity insurance (PII) renewal. Most firms still renew their PII on the old common renewal date of 1 October. This has always created a bottleneck, with underwriters and brokers rushing […]
Managing The Professional Indemnity Market
The renewal of the professional indemnity insurance (PII) policy has often been a time-consuming and difficult experience for solicitor firms of all sizes. The PII market for Law firms is ever changing, with the withdrawal of several insurers from the market in the last 12 months, leading to an uncertain and turbulent landscape for the […]
Hardened PII Market To Stretch Beyond 2020 Renewal Process
The hardening PII market could be set to expand beyond the April 2020 renewal process according to an industry expert. The second largest global insurance broker, Aon, announced the withdrawal of their Managing General Agent, Maven Underwriters, from the solicitors’ Professional Indemnity Insurance (PII) market in August. This has led many to speculate on the […]
Expert Comments On Contracting PII Market And Law Firm Implications
The second largest global insurance broker, Aon, announced their partial withdrawal from the Professional Indemnity Insurance (PII) market this summer leading many to speculate on the future of the insurance market for solicitors. Aon’s Maven scheme, providing PII for smaller law firms with between one to three partners, will not renew policies when they end […]
Indemnity Insurer Actively Seeks To Reward Well Managed Firms
Firms who maintain a claims-free record may be able to benefit from a financial rebate provided it meets certain conditions. New professional indemnity insurer New Eden is claiming to be the first to offer firms “direct financial rewards”. Richard Brown, Chairman of New Eden, said in an interview with Legal Futures that rewards could take […]
SRA Proposals to reduce minimum PII cover receives criticism
The Association of British Insurers (ABI) have expressed concern over the Solicitors Regulation Authority (SRA) proposals to reduce the minimum level of professional indemnity insurance (PII).
Brokers urge law firms to prepare for proposed SRA changes to PII provision
Specialist professional indemnity insurance broker to the legal profession, QPI is calling for law firms to prepare for proposed SRA changes to PII provision, urging solicitors to seek specialist advice in advance.
Law Society warns Solicitors and clients at risk if insurance cover slashed
Cutting back mandatory professional indemnity insurance (PII) for solicitors would be bad for partners, law firm employees and clients alike, the Law Society of England and Wales said in response to proposals to a Solicitors Regulation Authority (SRA) consultation.
Protecting Your Professional Indemnity Insurance: Questions a law firm should ask during the recruitment process
Due diligence is important when a law firm is recruiting a new fee earner – whether that is at trainee, paralegal, solicitor or even partner level. Some firms are highly organised and have a pre-hire question set. Other firms are more reticent and feel awkward about asking questions relating to issues such as complaints or […]
Preparing for Professional Indemnity renewal
After 18 years of the open market, bringing a fresh approach to an article about completing PII proposal forms is a tricky task!
10 Essential Steps to Renewing your Law Firm’s Professional Indemnity Insurance
Professional indemnity insurance (PII) is mandatory for any solicitor’s practice. The costs are significant and the time expended on various forms can make it a harrowing experience. Firms often complete the proposal form, send it off and wait for the terms, wondering if the costs have risen or if they will struggle to find cover. […]