PI renewal · Tips
PI insurance renewal tips — practical UK guide
Reviewed by Matthew Bartlett, Director, Apex Insurance Brokers Limited (FCA FRN 724952) · Published 15 July 2026
PI renewal is often left too late and under-prepared. A well-run renewal delivers better terms, better cover, and less friction. Here's what to focus on.
Timing
- Start 12-16 weeks before renewal for most firms; 20 weeks for larger, complex placements.
- For SRA solicitors, note the 1 October renewal date and its market rhythm.
- For ICAEW-registered accountants, coordinate with the ICAEW audit-registration cycle.
- Don't leave it to the week before — underwriter attention drops in the last 7 days.
Submission preparation
- Update firm details, headcount, and structure.
- Refresh fee-income figures and any material year-on-year changes.
- Declare any notifications made since last renewal.
- Update risk-management steps — training, systems, procedures.
- Confirm no material change in work profile that would change underwriting.
Market approach
- Approach the incumbent early — usually has best information and best price.
- Widen the market where cover terms or price are unfavourable.
- For difficult risks, consider wholesale/Lloyd's alongside direct market.
- For clean risks in a soft market, competitive tension delivers value.
Terms to negotiate
- Aggregate limit vs each-and-every claim basis.
- Retroactive date and continuity.
- Defence-cost cap or in-addition-to-limit.
- Aggregation clause language.
- Cyber/data-breach extension terms.
- Run-off cover terms and prepayment options.
Frequently asked
Should we always market-test at renewal?
Every 2-3 years, yes. Every year, generally no — continuity has value.
What's more important, price or cover?
Cover, if you're a firm with any complexity. Price matters more for straightforward risks.
Does insurer strength matter at renewal?
Yes. Financial strength ratings and reserving discipline are worth checking.
What if we've had a claim?
Approach the incumbent first. They know the claim; they may hold or ease terms. Difficult renewals need broker involvement.
Should we consult multiple brokers?
One well-informed broker who knows your firm delivers better than three brokers competing. Broker continuity has value.
What about the Consumer Duty?
For consumer clients, ensure your PI covers the current PRIN 2A framework. Discussion with the broker at renewal.
Related
- Solicitor 1 October renewal walkthrough
- PI renewal timeline by UK profession
- Renewal negotiation checklist for professional firms
Apex Insurance Brokers Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 724952. Registered in England and Wales, company number 07014570.