Professional indemnity insurance
In this Conveyancing Matters chat, Stu and Lorraine talk about something that no conveyancing firm can be without – professional indemnity insurance.Their constant refrain is: ‘conveyancers get it in the neck as they are the only ones who are properly insured’ – so in this chat, Lorraine and Stu talk about the challenges that firms will face when renewing their insurance. In this unprecedented year for work volumes and pressure, conveyancing claims are likely to increase which will lead to huge professional indemnity insurance premiums for some firms. Whether all will survive is questionable.They also talk about the closure of the Solicitors Indemnity Fund on 30 September 2021. This means that solicitors may be personally liable for losses arising from claims made after their firm is closed.Is this fair? What is your view on PII and the closure of the SIF?Remember, this is just a chat and our opinions, not advice!Find our podcasts on YouTube, Spotify and apple podcasts. http://www.pcslegal.co.uk/http://www.adaptlaw.co.uk/