Solicitors Insurance - Everyone Is Dealing with For A Piece Of The PI
For most companies the time frame of July 1st will have no real relevance and yet for solicitors this time frame has become surnonimous with one thing and that is their Expert Indemnity Insurance rebirth.
And with most solicitors insurance decreasing on the same time frame of the season, the several weeks major up to 1st July can be a minefield of insurance suppliers trying to secure enterprise and solicitors trying to get the best cope possible.
And if recent styles are anything to go by then the 2007 Expert Insurance season also seems to be an interesting time for all those involved.
In 2000 the Law Community started out the way for Lawyers Expert Indemnity Insurance to be sold via the Professional Insurance industry when the Expert Indemnity Account (SIF) finished. Since 2000 we’ve seen:
Solicitor fee earnings improving by on average 7% per year
Solicitor PI promises improving by around 5% per year
Premium earnings decreasing with 2006 displaying a drop of around 10% from £234 thousand to £211 million
The required limit of take care of for solicitors increasing to £2 thousand from £1 million
So with more fee earnings, more promises and more take care of you might expect rates to rise but the pattern has been for solicitors insurance to drop. For solicitors this of course is very good news and no doubt 2007 will once again mean more insurance suppliers struggling with for a slice of the solicitors insurance PI.
Business Insurance and specifically Expert Indemnity Insurance for Lawyers is a highly very competitive industry so in the coming several weeks South Areas Insurance Broker agents (The UK’s Expert Insurance Brokers) will be offering Lawyers with the techniques to getting the best cope on Lawyers Insurance but for more information on professional indemnity insurance for solicitors visit [http://www.northerncouties.com].
For most companies the time frame of July 1st will have no real relevance and yet for solicitors this time frame has become surnonimous with one thing and that is their Expert Indemnity Insurance rebirth.
And with most solicitors insurance decreasing on the same time frame of the season, the several weeks major up to 1st July can be a minefield of insurance suppliers trying to secure enterprise and solicitors trying to get the best cope possible.
And if recent styles are anything to go by then the 2007 Expert Insurance season also seems to be an interesting time for all those involved.
In 2000 the Law Community started out the way for Lawyers Expert Indemnity Insurance to be sold via the Professional Insurance industry when the Expert Indemnity Account (SIF) finished. Since 2000 we’ve seen:
Solicitor fee earnings improving by on average 7% per year
Solicitor PI promises improving by around 5% per year
Premium earnings decreasing with 2006 displaying a drop of around 10% from £234 thousand to £211 million
The required limit of take care of for solicitors increasing to £2 thousand from £1 million
So with more fee earnings, more promises and more take care of you might expect rates to rise but the pattern has been for solicitors insurance to drop. For solicitors this of course is very good news and no doubt 2007 will once again mean more insurance suppliers struggling with for a slice of the solicitors insurance PI.
Business Insurance and specifically Expert Indemnity Insurance for Lawyers is a highly very competitive industry so in the coming several weeks South Areas Insurance Broker agents (The UK’s Expert Insurance Brokers) will be offering Lawyers with the techniques to getting the best cope on Lawyers Insurance but for more information on professional indemnity insurance for solicitors visit [http://www.northerncouties.com].
