You are here

How to get PII cover with rated insurers?

Reading the news that Balva's licence had been suspended felt like Groundhog Day for Steve Holland, but what can the firms affected do to survive the fall-out?

5 August 2013

Reading the news that Latvian professional indemnity (PI) insurer, Balva had its licence suspended felt like Groundhog Day. Yet again the spectre of the unrated PI insurer raised its ?ugly head.

Last year Balva was a late entrant into the market writing around £16.5m of PI business (c. 7 per cent of the market), making it the eighth largest solicitor PI insurer. It targeted mainly smaller firms (one-four partners), writing for market share by undercutting the competition on price. And - surprise, surprise - the firms seduced by Balva's offer now find themselves caught in an 'unrated insurer' trap. If the SRA determine that there has been an "insolvency event" these firms will face the difficult prospect of finding a new PI insurer three-quarters of the way through their policy year, or having to go into the Assigned Risk Pool (ARP) where they will be forced to pay punitive ?ARP rates.

Over the last three years a number of insurance compani...

Want to read on?

This article is part of our subscription-based access. Please pick one of the options below to continue.

Already registered? Login to access premium content

SUBSCRIBE for one User

Unlimited access to the entire SJ website for a full year for one user.

  • 10 issues a year delivered to you
  • Digital edition of the magazine for one user – sent to your inbox or accessible through the website
  • Access to premium content on the website
  • Access to the fully searchable online archive of Solicitors Journal, Managing Partner and Private Client Adviser, which spans over 13 years
  • Weekly email newsletter with all the latest news, analysis and features
  • Comment on SJ content and contribute to the SJ community online
  • Advanced search feature
  • Online support
  • Access to SJ app compatible with Android and Apple devices – coming soon!
  • 6 special focuses per year
  • Special offers and discounts on Solicitors Journal and IICJ events

Subscribe

CORPORATE SUBSCRIPTION

Your department or entire firm can subscribe to Solicitors Journal online, providing easy access for all who require it. Discount corporate subscription rates apply, based on number of users.

The Corporate IP Licence includes:

  • Digital copy of the magazine sent to individuals’ inboxes and accessible through the website. Solicitors Journal publishes 10 issues per year
  • Unlimited access to premium content on the website based on IP addresses
  • Unlimited access to the fully searchable online archive of Solicitors Journal, Managing Partner and Private Client Adviser, which spans over 13 years
  • Weekly email newsletter with all the latest news, analysis and features
  • Comment on SJ content and contribute to the SJ community online (username required)
  • Unlimited access to SJ app compatible with Android and Apple devices
  • 6 special focuses per year
  • Special offers and discounts on Solicitors Journal and IICJ events

The Corporate IP Licence is tailored to your firm, making it the most cost effective way for the firm to access Solicitors Journal, and enables the firm to remain compliant with copyright and our Terms and Conditions. This gives you the ability to print and circulate articles within the firm.

To enquire about a Corporate IP Licence for your firm, please contact our Subscriptions Manager on emily.beechey@solicitorsjournal.com.