Professional Indemnity Insurance
The Law Society has reported that a number of firms have been unable to obtain Professional Indemnity Insurance cover for the coming year and some have chosen to simply close their doors and cease practicing. Others have had to enter the Assigned Risk Pool which is an insurer of last resort where the premium payable is based on the firms turnover and as such can be prohibitively high.This is to be considered in the light of a wider struggle for legal services taking place in the current economic climate where banks have been reluctant to lend money not only to people trying to purchase houses but also to companies.
P.S.R Solicitors have managed to obtain Professional Indemnity Insurance cover without any problems however and is continuing to grow.
