Law Society survey finds increase in PI renewal difficulties
The Law Society’s Professional Indemnity Insurance (PII) Survey: Renewals 2010 has found that more firms had difficulty renewing their PII in 2010 than in 2009 and more reported an increase in premiums.
The survey found that 63.5% reported no renewal difficulties in 2010, compared to 79% in 2009, while 69.3% experienced a premium increase in 2010, compared to 62% in 2009.
The report also revealed that there was no evidence of discrimination by insurers to black and minority ethnic (BME) law firms in the renewal process. However the Law Society chief executive Desmond Hudson has written to the Financial Services Authority (FSA), Association of British Insurers (ABI) and the Equality and Human
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