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Claims and renewals: How to avoid the pitfalls of PII renewal

Chloë Phillips discusses how to strike the right balance when dealing with your firm's PII claims and renewals processes

17 June 2015

It is almost inevitable in today's litigious times that a busy law firm will, at some point, find itself the subject of a claim - with or without foundation. It is not always a straightforward matter to identify when a disgruntled client has turned into a potential claimant, yet there could be serious consequences if a firm fails to notify its insurers of a potential claim in good time.

Professionals dealing with professional indemnity insurance (PII) renewal will be aware, of course, that the firm's claims history will affect the premium payable for insurance and even whether cover will be offered by some insurers. It cannot be taken for granted that a firm will have a range of choices for insurance cover, or even that cover will be offered at all for some firms. It is of key importance to the business, therefore, to get the balance right when dealing with the firm's claims and renewals processes.

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