Professional indemnity insurance 'should be renewed in advance'
www.moneynews.co.uk > Insurance > Professional indemnity insurance 'should be renewed in advance'
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Professional indemnity insurance 'should be renewed in advance'
Fri 19th Oct 2007
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Chief executive of PYV Neil Pointon explained that many professions are required to carry professional indemnity insurance for the protection of consumers.
He warned these firms that they must ensure they do not have any gaps in cover, saying: "If you have a claim whilst off-cover, then you [will be] exposed, because that claim might not be covered by anybody else and you may find yourself personally, financially liable."
Research by PYV in 2005 found that over 40 billable hours were spent by law firms as they organised PI cover renewal.
Mr Pointon added that the "worst-case scenario" is that firms which missed the renewal date would find themselves in "the assigned risk pool" paying a large proportion of their earnings.
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