Law Society launches PII cover offering
The Law Society has unveiled Chancery Pii, a joint venture between the Society and Miller Insurance Services LLP, which will provide PII cover for firms with between one and four partners.
Chancery Pii will provide direct access to insurers with at least A- (Standard & Poor’s) or equivalent financial security rating.
The Law Society believes the scheme will offer a quick and easy solution with an emphasis on security, quality and stability.
Broker services or advice will not be included in the offer meaning the scheme will offer a viable level of profitability for insurers.
Law Society chief executive Desmond Hudson said: “We have had concerns about instability of the solicitors’ PII market, particularly the one to four partner segment, for some time now.
“Many firms have resorted to using an unrated insurer — often because of lack of obvious choice.
"A number of rated insurers have withdrawn from this segment and the gap has been filled by unrated insurers, some of whom enter for a few years before withdrawing or, worse, becoming insolvent. This is extremely detrimental to the profession.
“It was right for us to explore options with the insurance market to increase the availability of choice for our members, particularly smaller firms. Chancery Pii is the result of this.”
What do you think about this venture from the Law Society? Do you think it’s a good thing for the market?