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The unrated dilemma

Until there is clear evidence of detriment, the SRA should proceed with caution

29 January 2014

Quinn, Lemma, Balva, Berliner. Every year unrated insurers have been and gone, leaving an unpalatable aftertaste that something is not quite right in the indemnity market, prompting the Solicitors Regulation Authority to propose a ban on insurers with less that a B rating.

Yet, every year for one year, they have been a lifesaver for smaller firms that can’t afford rated insurers’ premiums.

The difference is estimated to be as much as 15 per cent, which can be a matter of survival or death for some practices.

Last year the number of firms turning to unrated insurers nearly doubled, growing from 9 per cent the previous year to 16 per ce...

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