Solicitors Insurance - Everyone Is Fighting For A Slice Of The PI
And with most solicitors insurance falling on the same date of the year, the months leading up to 1st October can be a minefield of insurance providers trying to secure business and solicitors attempting to get the best deal possible.
And if recent trends are anything to go by then the 2007 Solicitor Insurance season also seems to be an exciting time for all those involved.
In 2000 the Law Society opened the way for Solicitors Professional Indemnity Insurance to be sold via the Commercial Insurance market when the Solicitor Indemnity Fund (SIF) ended. Since 2000 we've seen:
Solicitor fee income increasing by on average 7% per year Solicitor PI claims increasing by around 5% per year Premium income falling with 2006 showing a fall of around 10% from £234 million to £211 million The compulsory limit of cover for solicitors doubling to £2 million from £1 million
So with more fee income, more claims and more cover you might expect premiums to rise but the trend has been for solicitors insurance to fall. For solicitors this of course is great news and no doubt 2007 will once again mean more insurance providers fighting for a slice of the solicitors insurance PI.
Business Insurance and specifically Professional Indemnity Insurance for Solicitors is a highly competitive market so in the coming months Northern Counties Insurance Brokers (The UK's Solicitor Insurance Brokers) will be providing Solicitors with the secrets to getting the best deal on Solicitors Insurance but for more information on professional indemnity insurance for solicitors visit www.northerncouties.com.
Related Tags: insurance, legal, liability, solicitor, claims, pi, professional indemnity, no win, pi insurance
This article was written by Mark Burdett, Marketing Manager of Northern Counties Insurance Brokers. Mark has over 17 years Marketing experience in the Financial Services industry and has worked on campaigns for companies including Norwich Union, Kia and Zurich.
Now based in Newcastle upon Tyne Mark is Marketing Manager for one of the UK's Leading Insurance Brokers - Northern Counties Insurance Brokers.
Northern Counties have been providing Business Insurance to businesses since 1928 and can be contacted on 0191 482 1219 for all your Commercial Insurance and Business Insurance needs.
Business Insurance - http://www.northerncounties.com
Solicitor Insurance - http://www.northerncounties.com/solicitors-insurance.php
Motor Trade Insurance - http://www.northerncounties.com/motor-trade-insurance.php
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