22 Aug 2017
6 weeks, 29 working days and 261 working hours remain for those solicitors firms who have to renew their professional indemnity Insurance this September. We are told that 75% of all firms retain a 1st October renewal date with others being spread across the year.
We are often asked how the change to renewal dates has effected the market and I think we can now answer with some confidence that Insurers quote the whole year round and firms therefore can renew at a time which suits their Insurer. We are seeing 12 month, 17 month, 18 month and 24 month polices being offered at this renewal and it may soon be the norm not to have a 1st October renewal date.
What is clear however is that there are more Insurers than ever in the market and still only a limited number of brokers who have access to the majority of those Insurers. An Independent broker such as St Giles is still likely to be able to give you the widest market coverage and whilst there are still savings to be made on your Solicitors professional Indemnity Insurance can you afford not to call 0208 236 7420 just to check what is available for your firm and whether perhaps you can also join the ranks of those firms moving away from the 1st October renewal.