Professional negligence insurance for solicitors
Solicitors cannot practice without insurance of at least £2 million so there will almost always be someone to pay compensation for any claim against a negligent solicitor. The Solicitors Regulation Authority also requires solicitors to purchase “run off cover” for claims which are made after the firm ceases business. So there will always be an insurer even if your claim is against a firm which no longer exists. We will be able to investigate and identify the relevant insurance company.
If solicitors’ firms are unable to pay for or do not arrange insurance then they will be placed in the “assigned risk pool” which will meet the liability for your damages and legal costs.
The situation is more complicated if you are suing a dishonest or fraudulent solicitor because insurance companies often will not pay out if the partners in the firm have been dishonest.
If you think that you have a professional negligence claim which you would like to discuss further then email us to arrange a free consultation of contact one of our solicitors on 0800 389 0385