More than 400 firms left without solicitors' PI cover after deadline
The Solicitors' Regulation Authority (SRA) has received 409 applications from firms requesting entrance into the assigned risk pool (ARP) on the professional indemnity renewal deadline of 1 October.
Firms have a four week 'grace' period in which to find alternative cover but can submit a protective application to the ARP in the meantime which can be backdated until 1st October if they are unsuccessful.
A spokeswoman from the SRA said this meant more meaningful figures would be available at the end of the month.
Last year 411 made an initial application upon deadline and 269 ended up entering the pool after the grace period.
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