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ARTICLE · 26 MARCH 2018

SRA Once Again Proposes Substantial Changes To Compulsory PI Cover For Solicitors

Clyde & Co
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The SRA has published a consultation paper seeking views on its proposal to make some very substantial changes to compulsory professional indemnity insurance cover for solicitors.

United KingdomInsurance
Sarah Clover
Sarah Clover
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The SRA has published a consultation paper seeking views on its proposal to make some very substantial changes to compulsory professional indemnity insurance cover for solicitors. In this briefing note, we summarise a number of the key proposed changes.

Background

This is not the first time that changes to compulsory cover have been proposed by the SRA. In November 2014, the Legal Services Board rejected the SRA's proposals to reduce the level of compulsory cover to £500,000 on the basis that there was not enough evidence the changes would reduce the premium for PI cover, and there would be increased risks to clients.

In July 2015, the SRA released a discussion paper mooting various changes to the minimum terms and conditions on which compulsory PI cover must be written (MTC). Then on 20 October 2016, the SRA published an analysis of professional indemnity insurance trends for law firms to inform the way forward.

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