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The policy covers the cost of any damages awarded, claimants’ costs and the costs of defending the claim. Is solicitors’ professional indemnity insurance a legal requirement?What is professional indemnity insurance (PII)?
Professional indemnity insurance (PII) covers civil liability claims, usually professional negligence, in private legal practice. Solicitors are obliged under the Solicitors Regulation Authority (SRA) Indemnity Insurance Rules to have PII in place at all times. New firms must have it in place before they start practising.Why is professional indemnity insurance compulsory?
Solicitors’ professional indemnity insurance became compulsory for all law firms following the introduction of the Solicitors Act 1072, which intends to protect the public and to uphold the reputation of the profession. Why do I need a professional indemnity insurance broker?Do solicitors need PII?
Solicitors are obliged under the Solicitors Regulation Authority (SRA) Indemnity Insurance Rules to have PII in place at all times. New firms must have it in place before they start practising. Existing firms must have cover when renewing their practising certificate.