BIBI and associates launch solicitors’ PI guide

by Gill Montia

Story link: BIBI and associates launch solicitors’ PI guide

The British Insurance Brokers’ Association (BIBA), The Law Society and The Association of British Insurers (ABI) have launched a guide to buying professional indemnity (PI) insurance for solicitors, providing a resource for the renewal process.

According to the trade bodies, the solicitors’ PI insurance market is “complicated and unique with a specific policy wording and a single common renewal date”.

The guide explains how to choose a broker and insurer and the workings of the PI market.

It also covers completing the proposal form, plus difficulties in obtaining PI, and gives information about rights and responsibilities in the renewal process, including how to make a complaint.

Law Society chief executive, Desmond Hudson, says: “We hope it will alleviate some of the pressures experienced in the renewal process and provide solicitors with a point of reference for their dealings with brokers and insurers.”

BIBA chief executive, Eric Galbraith, adds: “This guide takes into account the requirements of all three – solicitors, brokers and insurers with the aim of facilitating the renewal process.”

Looking to the future, the ABI’s director of general insurance and health, Nick Starling, comments: ” This guidance, with its emphasis on how solicitors can get the right information to brokers and insurers, will help build a more robust, competitive and sustainable market for professional indemnity insurance.”

The guide is available from the BIBA website.