One in, one out, two out, three out ......
July 29, 2010
Posted by:Sonita Hayward
Last week the Law Society announced that Vision Underwriting Limited would enter the solicitors professional indemnity market. This good news comes as a further blow is dealt to this area of insurance, following Zurich's announcement that they will be significantly reducing the number of new law firms that it takes on this year. Overall, the number of insurers prepared to take on the risks of this market is reducing (See Quinn - 7 April 2010 and Hiscocks - 24 June 2010) and Vision appear to be going against the tide. These moves should not affect clients who have existing claims for professional negligence against their solicitors, however the effect that these changes will have in the future (if any) will have to be seen.