July 15th, 2017 by Mary Saws
I feel very pro-active this week – I have managed to secure renewal of my practice’s professional indemnity insurance (PII) already!
Now this will not sound exciting to you unless you also run a solicitors’ practice but, believe me, it is a real weight off.
Unlike all other businesses which need to have PII, solicitors’ practices have one annual renewal date (1st October) by which they have to have the insurance in place each year.
So no matter when you started your solicitors’ practice, there is this annual renewal when everyone has to renew by.
This means that the PII insurers know how much of the pie they are going to get because everyone applies at the same time.
This has caused problems for the past few years because the insurers could literally leave it to the last minute to confirm terms knowing that there would be little chance for practices to shop around if the premium was high.
There is a proposal on the table at the Solicitors Regulation Authority that this annual renewal date be abolished, but the earliest it would be changed (if it is decided to change it) is 2014.
But my insurer this year decided it would offer early renewal terms to existing policyholders. If evidence were needed that the profession hates this annual renewal date malarkey then the fact that the insurer was overwhelmed with responses should spell it out loud and clear.
But my pro-action doesn’t stop there! I have also
- set up a new company with a view to being able to deliver legal services in a more progressive way when the legal services market is “deregulated” in October (not that there seems to be any benefit at the moment because the PII insurers want to still insure it as a solicitors’ practice and don’t seem to understand the difference, but I shall persevere).
- decided on a new trading style
- bought a new domain name
- sent out follow up emails to other local solicitors for our collective
- cleared my desk of cr*p
I don’t know what has come over me, I am usually so much more lazy. Wonder what vanguard action next week will bring??
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