New ARP rules for solicitors’ PI forcing law firms to shut down
Brunel Professional Risks has declared that the 2011 solicitors’ professional indemnity (PI) insurance renewal season was notable for the low number of law firms entering the Assigned Risks Pool (ARP).
Changes by the Law Society including restricting solicitors' practices to a maximum of six months in the ARP - the insurer of last resort for practices which cannot secure cover in the commercial insurance market - in the 2011-12 insurance year, have had the "desired effect" according to the broker.
Russell Lane, Managing Director, Brunel Professional Risks, said: "Only 59 firms applied to enter the Assigned Risks Pool in 2011, although others are likely to have fallen into the ARP by default.
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