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Solicitors Professional Indemnity Insurance

Background
Solicitors’ firms are required to have in place a valid Professional Indemnity Insurance policy in order to trade in accordance with the Solicitors’ Indemnity Insurance Rules and SRA Indemnity Insurance Rules. Cover can only be taken out with a ‘Participating Insurer’ and which meets the minimum terms and conditions set out in the SRA Indemnity Insurance Rules.

A ‘Participating Insurer’ is an insurer regulated by the Financial Conduct Authority (FCA) and who has entered into a Participating Insurer’s Agreement with the Solicitor’s Regulation Authority (SRA) - the independent regulatory body of The Law Society. Importantly for solicitors, when assessing Professional Indemnity quotations, insurers must disclose whether or not they have a financial security rating. At Hera Indemnity we have developed relations with all ‘Participating Insurers’ to ensure clients’ needs are met.

In previous years Solicitors’ had to renew their Professional Indemnity Insurance no later than the Indemnity period starting 1st October. However Solicitors can now, if they wish, change their PII renewal from the normally accepted renewal date of 1st October.

Hera working with Solicitors
Hera Indemnity is a leading and specialist broker who provide solicitors with Professional Indemnity and Commercial Insurance. The first step is for the firm of solicitors to complete our proposal form – a standard form that has been accepted by all insurers. This will give us an overview of the firm and the information insurers require prior to us submitting the proposal to a carefully selected number of participating insurers.

We work closely with the market’s major Professional Indemnity Insurance providers, especially with their Underwriter’s, to ensure we deliver to our clients a bespoke insurance cover that meets the criteria detailed in their proposal forms and, importantly, having negotiated a competitive premium.

We are very proud of our client service and no issue is too small for us to deal with. We will work closely with you; assist you with the completion of the proposal process; answer any of your questions; deliver a fast turn round of quotation and, if required, arrange cover for a variety of other insurance products - for example, office contents and liability insurance.

If business funding is an area of interest for you, at competitive rates, we will be pleased to introduce you to our sister company, Hera Finance, who are an independently owned brokerage offering cost efficient funding solutions.


 
 
Why Hera Indemnity?
Independent insurance broker
Over 12 years’ experience working
with Solicitors
Full access to all rated insurers –
not just one single chosen insurer
Highly rated client manager service
Business finance for the professions
In-house claims handling
Authorised and regulated by the Financial Conduct Authority (FCA).