Are you aware of the latest situation with Elite Insurance? If you are unsure, the Law Society have issued the following statement;
Guidance to profession: Orderly run-off of Elite Insurance Company Ltd
We now know Elite Insurance will not be offering renewal this year so come December 1st, solicitors, insured with Elite, will need to obtain cover from an alternative insurer.
The Law Society link provides some valuable tips on how to prepare for the upcoming renewal (1st December, 2017) but is there anything that can be done in the meantime?
Elite have issued the following statement;
“Elite has today taken the decision to cease writing new business. The Board is confident that it will be able to conduct an orderly run-off and is working with its advisors to ensure that obligations to policyholders and other creditors will be satisfied in full”.
Professional Indemnity policies are underwritten on what is referred to a “claims made” basis. In short, this means that it is the insurer on risk at the time a claim is made / notified that will be responsible for providing the indemnity. Any new insurer to go on risk will be providing cover for all your previous work / services and any legacy issues which have yet to be realised.
It is important that your new insurer has financial stability so that they will be in a position to deal with any claims and resulting settlement payments.
We have access to a panel of “A” rated insurers, with a strong track record in the Solicitors PI market.
Why wait until December 1st?
It is possible to obtain quotations to cover your firm from now up until 30th November, 2018. What are the benefits?
- Cover will be provided by “A” rated insurer
- You can avoid a hectic renewal period
- The peace of mind knowing your firm is covered up until November, 2018
- Pro rata premiums can be agreed
Should you have any queries or wish to obtain a quotation, please do not hesitate to contact one of Solicitors Team listed below.
