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 SRA regulated firms, and has been offering policies since 2011.
Crispin Passmore, SRA Executive Director, said: “Those firms affected by this insolvency will have concerns and want clarity on what action they should take. Our rules have a built-in flexibility that allows firms to take out insurance at any point during the indemnity period.
“We would encourage other insurers to be responsive to those firms seeking replacement cover. We will continue to monitor the situation and advise those firms affected.”
