The Solicitors Regulation Authority (SRA) has updated its advice to firms regarding professional indemnity insurance (PII) after some firms have struggled to secure policies.
The regulator said the covid-19 outbreak has, in some cases, made it difficult for firms to contact brokers, caused illness among key members of staff who would usual handle renewals or left firms concerned about whether they can afford to pay premiums.
The SRA said that firms that are struggling to secure a PII renewal for any reason associated with the pandemic may be able to arrange an extension with their insurers.
This could be an extension of the 30 days extended policy period (EPP), the 60 days cessation period (CP) or both.
This article is part of our subscription-based access. Please pick one of the options below to continue.
Already registered? Login to access premium content
The Corporate IP Licence is tailored to your firm, making it the most cost effective way for the firm to access Solicitors Journal, and enables the firm to remain compliant with copyright and our Terms and Conditions. This gives you the ability to print and circulate articles within the firm.
To enquire about a Corporate IP Licence for your firm, please contact our Subscriptions Manager on email@example.com.