Solicitors Insurance - Everyone is fighting for a slice of the PI

For most businesses the date of October 1st will have no real significance and yet for solicitors this date has become surnonimous with one thing and that is their Professional Indemnity Insurance renewal.

And with most solicitors insurance falling on the same date of the year, the months leading up to 1st October can be a minefield of insurance providers trying to secure business and solicitors attempting to get the best deal possible.

And if recent trends are anything to go by then the 2007 Solicitor Insurance season also seems to be an exciting time for all those involved.

In 2000 the Law Society opened the way for Solicitors Professional Indemnity Insurance to be sold via the Commercial Insurance market when the Solicitor Indemnity Fund (SIF) ended. Since 2000 we’ve seen:

• Solicitor fee income increasing by on average 7% per year

• Solicitor PI claims increasing by around 5% per year

• Premium income falling with 2006 showing a fall of around 10% from £234 million to £211 million

• The compulsory limit of cover for solicitors doubling to £2 million from £1 million

So with more fee income, more claims and more cover you might expect premiums to rise but the trend has been for solicitors insurance to fall. For solicitors this of course is great news and no doubt 2007 will once again mean more insurance providers fighting for a slice of the solicitors insurance PI.

Business Insurance and specifically Professional Indemnity Insurance for Solicitors is a highly competitive market so in the coming months Northern Counties Insurance Brokers (The UK’s Solicitor Insurance Brokers) will be providing Solicitors with the secrets to getting the best deal on Solicitors Insurance but for more information on professional indemnity insurance for solicitors visit www.solicitorpi.com or www.northerncounties.com/solicitors-insurance.php