Ten percent of firms miss insurance renewal date
By Ben Mitchell
October 03, 2006 at 08:03 PM
1 minute read
More than one in 10 UK law firms have failed to renew their compulsory professional indemnity cover before the 1 October deadline, according to London insurer PYV.
PYV director Nick Pointon said it is estimated around 10% of firms missed the widely-trailed date despite a "last-minute rush" to sign up last week.
Firms that missed the closing date will now have to apply to the Law Society's Assigned Risks Pool, which is designed to provide professional insurance for firms which are unable to get cover due to poor claims records or missing the deadline.
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