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Mergers and PII: What you need to consider

Avoid nasty surprises down the line by considering insurance issues and performing due diligence early in the merger process, advise Patrick Gaul and James Holman

19 August 2015

Professional indemnity insurance (PII) is probably a firm's third largest outlay after people and premises. Some key questions are:

  • Who are the insurers on each side and which will take on the new practice?

  • Who will pay any additional premium and when?

  • Do you know enough about your merger partner's clients and work types to answer insurer's questions? They will be more demanding than they are on a simple renewal;

  • What about claims records - are you putting panel status and work streams at risk?

  • Will your insurer decline cover for people, teams, or work types?

  • What about live claims - who is going to ensure they are completed efficiently?

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