Making a Successful Application for Solicitors Professional Indemnity Insurance

Professional indemnity insurance is an essential element of professional practice for law firms, providing protection against claims for errors, omissions, or negligent acts. Cover is mandatory and the required terms of the cover are clearly set out in the SRA’s Solicitors Professional Indemnity Insurance Minimum Terms and Conditions.

For new law firms, an offer of Solicitors Professional Indemnity Insurance is a prerequisite before Solicitors can apply to the SRA for authorisation of their new firm. To maximise the chances of success (i.e receiving preferential terms from the insurance market), it is important that the application for solicitors professional indemnity insurance is completed accurately and thoroughly.

This session aims to provide a comprehensive overview of what solicitors need to consider when completing an application for solicitor’s professional indemnity insurance for a new law firm.

Learning Objectives:

• Explain the SRA’s Solicitors Professional Indemnity Insurance Minimum Terms and Conditions
• Understand the process of applying for Solicitors Professional Indemnity Insurance for a new law firm
• Develop an understanding of the factors that are considered by insurers when looking at a proposed new law firm
• Make an application for Solicitors Professional Indemnity Insurance, for a (proposed) new law firm that is likely to be successful