Singer & Friedlander Insurance Finance is urging brokers to take advantage of professional indemnity insurance funding schemes to enable solicitors to spread the cost.
According to Singer & Friedlander, figures published by Zurich suggest that many solicitors have been unable to renew their compulsory liability insurance due to the rising cost of the premiums.
Brian Farrington, assistant director of sales and marketing at Singer & Friedlander said: "In the three years since the demise of the Solicitors Indemnity Fund, solicitors have seen premiums rise by as much as 35% in some cases. For many firms, annual renewal will be the biggest overhead of the year."
He continued: "Using premium funding allows solicitors to spread the cost of indemnity insurance through monthly instalments and thereby remove the sting of paying a costly annual premium."
