10 October 2013
185 firms apply for EIP
Some 185 law firms failed to secure indemnity insurance cover by the 1 October deadline and had to apply for the extended indemnity period (EIP), the Solicitors Regulation Authority (SRA) has confirmed. Ten have since found cover. The EIP, which ensures firms have 90 days extra cover from their old insurer while they find a new policy, was introduced this year to replace the assigned risks pool. Firms operating under EIP must stop accepting new instructions after 30 days. Any firms which have not secured a new policy by the time the 90 days are up must close.
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