Another one bites the dust
June 24, 2010
Posted by:Sonita Ramkissoon
The insurer Hiscox has now withdrawn from the solicitors professional indemnity insurance market. The reasons cited for this are the fact that they are obliged to provide cover for those who lie to them or don't pay their premiums, and they see this as being fundamentally flawed. They majority of their customers are not of this ilk, but the few who are make it a very costly market to insure. Sadly, this can only make the market even tougher following the departure of Quinn (another former major provider of professional indemnity insurance) from the UK market too.