Company vows cover will address claims based on merit
Ntegrity Insurance Solutions has teamed up with law firm Browne Jacobson to create a new professional indemnity product, known as Vindico.
It will be launched in time for this year’s 1 October renewal date.
Through its unique policy wording, Vindico aims to offer a higher level of service than other products in the market and provides robust approach to spurious claims, the company claimed.
Gary Horswell, MD of Ntegrity said: “Numerous Law Society approved insurers I have spoken to suggest that primary professional indemnity insurance is no longer profitable. If insurers books are not performing well we may be closer to either a toughening market with premiums increasing, or even a major carrier withdrawal, than many think.
“The pressure that has been mounting on approved insurers in the past few years has certainly been evident in the increasingly commercial treatment of certain claims, often to the dissatisfaction of the solicitor customer. Vindico aims to benefit solicitors by addressing this problem.”
Ed Anderson, head of professional indemnity at Browne Jacobson in London added: “Many firms have become disenchanted with insurers' approach to settling bad claims purely on economic grounds, particularly where the settlement falls within their excess.
“Additionally, many insurers now handle the claims in-house and there is a growing perception amongst policyholders that this is not done with a sufficiently rigorous or independent approach. We believe there is a strong appetite in the market for this type of product that will appeal to firms looking for a more bespoke level of cover.”
