Trouble for solicitors on Quinn-surance front
April 07, 2010
Posted by:Sonita Hayward
Quinn Insurance, who are now in administration, took a £23.7m share of the market last year, making it the fifth biggest provider of solicitors' professional indemnity insurance. Whilst the Solicitors Regulation Authority are advising the firms who have cover with Quinn not to take any action whilst they seek assurance that existing policies will be honoured, it has been reported that if Quinn does go bust compensation will only be available for 65% of their private consumer claims and that commercial customers will get nothing. If this is true, and Quinn can't dig themselves out of the (rather large) hole that they are in then firms will need to get new cover or pay high premiums to get protection from the Assigned Risks Pool. Given the rise in premium costs and claims for professional negligence this is troubling news indeed for the legal profession.