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PII renewal: Life and death

Aggregation issues, the impact of the Insurance Act 2015, and the risks associated with cybercrime are just some of the things lawyers should be considering during PII renewal season, writes Frank Maher

21 June 2016

Being sentenced to death would be regarded by many as disappointing, and it happened to one hapless claimant in a lawyer's professional indemnity claim which the writer defended. Of that, more anon. Renewing one's professional indemnity insurance (PII) may seem rather insipid by comparison, but there are a few traps for the unwary, and it can be a life and death issue for law firms as we cannot practise without it.

Many firms will be contemplating renewal of their PII. Although we are no longer tied to a
1 October renewal, the majority of firms still adopt it through inertia.

For most firms, this should be a relatively straightforward affair, as indeed it was last year, with a reasonable choice of insurers and rates (as a proportion of gross fees) expected to be around the same as previously seen. There will always be a handful of firms with problems, which are usually down to c...

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