Conveyancers and small firms hit hardest by indemnity insurance costs

26 Oct 2016

Conveyancing accounts by far for the largest amount of claims under solicitors’ professional indemnity policies, new figures have revealed, with more than half of all indemnity payments coming from this part of the sector.

The findings emerged from the collation of ten years’ worth of historical claims data covering the 2004 to 2014 period. Unveiled by the Solicitors Regulation Authority last week, the research also showed that smaller firms paid the most in PII cover as a percentage of turnover: 7 per cent for sole practitioners and 5.5 per cent for two to four partner firms. The percentage was lowest for five to ten partner firms (3.2 per c...

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