Top tips for PII renewal 2015
You may recall my advice last year for a pain-resistant renewal. I hope that it helped you towards your least-troublesome Professional Indemnity Insurance (PII) renewal of recent times.
But time has a habit of passing, and when looking towards your next renewal there is insight to be gained from the last 12 months, and in particular from the profession’s inaugural April renewal season. In this article I consider the market and suggest how best to approach the October 2015 renewal season.
There seemed to be concern amongst commentators that underwriters might be in some kind of hibernation during the first quarter of 2015, waiting to emerge bleary-eyed and blinking in the Summer sun to start looking at claims statistics prior to the October renewals. We found these fears to be groundless and activity levels with our partner insurers were all we could have wished them to be. It was also welcome that 2015 hasn’t been burdened with the uncertainty of goalpost-moving Solicitors Regulation Authority (SRA) consultations. These delayed the start of the 2014 renewal season as underwriters had the unenviable job of pricing risks without knowing what cover they would be giving.
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