An estimated 10% of firms have changed their Professional Indemnity Insurance renewal date since the Solicitors Regulation Authority moved away from the fixed 1st October deadline.
The majority of firms,as well as Insurers, are accustomed to working to 1st October time limit, and see no need to change. Firms that have taken the opportunity to change their PII renewal date have either been offered an extended term by their insurer at an attractive rate, or have moved their renewal to fit in with their business practices.
We anticipate a greater percentage of firms will change their PII renewal date over time but, in the meantime, many insurers remain focussed on 1st October renewal, with limited appetite to provide renewal options at other times in the year.
Our guidance on selecting the right renewal date for your business provides a useful summary of the key considerations. If you haven't yet changed your renewal date, but are thinkinh about it, contact your Lockton representative to discuss the issue in more detail, and download our short guidance note - using the link below.