New product will aid solictors post ARP
Indemnity Risk Solutions (IRS) has announced it will be offering solicitors’ professional indemnity (PI) insurance policies for two indemnity periods.
The underwriting agency, which specialises in PI insurance for small to medium sized firms, will be offering the new 24-month policy as opposed to the one year policies or two year deals with numerous caveats available from other insurers.
IRS said the longer period of cover will enable the insurer to work more closely with solicitors firms, enabling a more transparent relationship and the ability to more accurately assess its customers’ insurance needs.
Secondly, as the PII market is experiencing its biggest shake up in a decade, the end of the assigned risks pool (ARP) in 2013 means that some smaller solicitors firms could struggle to obtain the necessary insurance to keep them in business. IRS’s two-year policy will provide them with peace of mind that they will not have to renew their policy over the period in which the ARP is phased out.
IRS has already seen a significant level of interest for the recently introduced policy and the company is targeting £25m of business written for the 2012 solicitors indemnity period.
IRS managing director Paul Lawrence said: “At IRS we aim to support smaller solicitors as fully as possible through expert and innovative service.
“The introduction of a two year professional indemnity policy will enable our customers to focus on their cases not on the worry of renewing their insurance.
“Longer policies will also allow us to build better relationships with our customers and more efficiently handle any claims or issues they have.”
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