Loss of SIF will hurt law firms.
Insurers and solicitors are warning that many law firms will be worse off following the dissolution ...
Insurers and solicitors are warning that many law firms will be worseoff following the dissolution of the Solicitors Indemnity Fund.
There is a widespread view that costs for solicitors professional
indemnity cover will have to rise.
Reg Brown, managing director of RE Brown & Others, said: "Under SIF,
solicitors only had to pay for their own loss costs. Now they will also
have to cover the insurer's costs. Solicitors with a bad claims history
may find they can no longer find cover in the market."
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