Since the abolishment of the Solicitors Indemnity Fund, the October PII renewal season has always been a challenge. Many law practices have had fluctuations in premium, but it has been a number of years since a renewal season has had such a significant financial impact on the Legal Profession of England and Wales.
Despite the freedom of renewal date, there are still two main renewal periods; one is in the Spring and the other, in the late Summer that we have just experienced. The season just past, resulted in a vast number of practices paying more for their insurances. However, some practices will have bucked this trend and their premium remained unchanged whilst other practices may well have even paid less this year. Those practices unimpeached by the market will have been quite few and far between.
Lockton's Brian Boehmer reflects on this past renewal season which you can download by clicking on the link to the right.