Firms urged to start insurance renewals in good time
Those firms that are due to renew their professional indemnity insurance from 1 October are reminded that it is better to start the process sooner rather than later. Two thirds of solicitor practices have policies that run until 30 September. And the Solicitors Regulation Authority (SRA) is urging those that have not yet been in […]
CLC cuts regulatory fee rates, reports on a successful PII round
The CLC, the specialist property law regulator has today confirmed that it will reduce regulatory fees rates for firms by 20% with effect from 1st November 2016. The announcement follows a consultation on the proposed reduced rates and a formal decision by the governing Council. The proposals will now be passed to the Legal Services […]
Liquidators appointed for Gibraltar-based PII provider
Firms covered by the Gibraltar-based Enterprise Insurance Company Plc have until 22nd August to rearrange PII cover, after the firm was declared insolvent this week. A liquidator has now been appointed after the Gibraltar Financial Services Commission ordered the company to stop writing any new business on Monday. The firm currently provides cover for 50 […]
Conveyancers PI we Comply
The Legal Services Board (LSB) has approved the Council of Licensed Conveyancers (CLC) proposal for practices to move away from its Master Policy with an opt-out for Professional Indemnity Insurance to a more competitive open-market approach. Instead, five insurers have signed up to a Participating Insurers Agreement setting out Minimum Terms and Conditions of cover. […]
LSB signs off on CLC new indemnity insurance framework
The Council for Licensed Conveyancers new indemnity insurance plans have been approved by the Legal Services Board. The new open market approach will see cover capped at £2 million in aggregate over six years per firm. Firms will be able to apply for cover under the new system from the beginning of next month with […]
CLC applies to LSB for approval of new run-off cover regime
The Council for Licensed Conveyancers has written to the Legal Services Board for approval of it’s new public indemnity insurance plan. It follows the end of the consultation on the matter, with the CLC’s proposals supported by responses from both CLC and SRA practices. The new regime will be capped at £2 million per firm. […]
Land Registry Practice Guide Amendment & April Transaction Data
The Land Registry has recently made amendments to Practice Guide 39, which covers Rectification and Indemnity. This guide is aimed at conveyancers and shows information on how to apply for rectification and compensation which is paid to those who have suffered loss due to a mistake in the register. Rectification of mistakes can be applied […]
CLC opens up consultation on Professional Indemnity Insurance for members
The Council for Licensed Conveyancers has opened up a consultation on professional indemnity insurance which they say will help firms switch regulators. If enacted the proposals will enable firms to find PII on a completely open market with providers signing up to minimum terms and conditions set out in a Participating Insurers Agreement. Another proposed […]
SRA to end post run-off insurance cover in four years
The Solicitors Regulation Authority have said there will be no extension to the current insurance cover for closed firms beyond the present six year run-off period. Any practice that has shut since September 2000 without a successor currently enjoys additional professional insurance cover through the old Solicitors Indemnity Fund (SIF) for any claim made after […]