04 October 2018
Small law firms are ‘approaching a cliff edge in relation to longterm run-off cover’ but only one third of them know this, Law Society president Christina Blacklaws has warned as the society released the results of its annual professional indemnity insurance (PII) survey. Less than half the firms were aware the Solicitors Indemnity Fund (SIF) will close in 2020. SIF has provided post-six year run-off cover since the move to a market-based system of PII in 2000.
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