Law firms scrambling for PI cover amid rate hikes
Scores of law firms are reportedly facing a battle to secure professional indemnity (PI) insurance cover in time for the 1 October renewal deadline, with rates up by some 40% compared to last year.
According to the Law Society Gazette, hundreds of firm are scrambling for protection after unrated PI insurer Berliner's market exit last week.
Many had only recently transferred cover from Latvian firm Balva after that was banned by the Latvian regulator from writing new business in the UK.
This sharp reduction in capacity has reportedly sent rates spiralling and Philip White, chief executive of law firm funder Syscap, was quoted as saying: "There's a real danger that some smaller firms could
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