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A lone voice in the wilderness

As we should all know by now, the SRA is considering making several changes to solicitor professional indemnity insurance requirements in an effort to reduce premiums.

2 July 2014

This is all well and good, but those in the know – such as brokers, insurers and lenders – are not supporting these suggested changes wholeheartedly. In fact, in many cases it is quite the opposite.

I have been told off the record by two large lenders that: “The suggestions are a serious matter for us. I don’t believe the answer is such a blanket change which appears to have been hastily pulled together and with limited time to respond given the implications within
the consultation.” And second that: “This subject is now causing concern with lenders, if we can’t rely on an insurance policy at all, then I can see that some lenders will take the view that they can’t take the risk.”

Ryan Senior, director at Aon Risk Solutions has said: “We believe that the proposed changes to

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