Since the relinquishment assigned risk pool, the number of ‘A’ rated Solicitors PI Insurance markets has increased and with the increased competition we have seen premiums reduce significantly.
We can work from any proposal form in the market, email or post a copy of your proposal form for a quotation.
Apex Insurance Brokers Ltd
St Nicholas House
31-34 High Street
Start-up Solicitors firms
The SRA specifies the minimum level of professional indemnity cover a firm must carry, depending on the structure of the firm.
Limited companies and limited liability partnerships are should hold cover of at least £3,000,000 for any one claim.
Sole practitioners and partnership firms are required to hold least £2,000,000 for any one claim.
When submitting an application to the Solicitors Regulation Authority, new firms will need to include a quotation or ‘offer of professional indemnity insurance’ from an SRA authorised professional indemnity insurer. This must be in accordance with the Minimum Terms and Conditions (MTC) as set out in the SRA Indemnity Insurance Rules. To obtain a quotation, the following documents are required;
- a fully completed proposal form
- a copy of the business plan,
- cash flow forecasts
- and CV’s of the partners or directors