Solicitors Professional Indemnity (PI) Insurance
Robertson Low entered the Solicitors Professional Indemnity insurance market in 2009. We have direct access to a number of ‘Qualified Insurers’ within the meaning of the Professional Indemnity Insurance Regulations (S.I. No. 617 of 2007) and only transact business with insurers we access directly to ensure the best representation of our clients in the negotiation and arrangement of their insurance.
The Law Society does not assess the solvency of any ‘Qualified Insurer’ which Robertson Low believe to be a critical consideration in arranging Solicitors Professional Indemnity Insurance. As a standard practice Robertson Low monitor the financial strength of the Insurers with whom we place Solicitors Professional Indemnity insurance, using one of the worlds independent leaders of financial-market intelligence, Standard & Poor’s. As a minimum requirement any insurer with whom Robertson Low place Solicitors Professional Indemnity insurance must have a Standard & Poor’s financial strength rating of ‘BBB’ or higher, an insurer rated ‘BB’ or lower is regarded by Standard & Poor’s as having vulnerable characteristics that may outweigh their strengths.
Primary Insurance provided by a ‘Qualified Insurer’, while representing the best value for the minimum level of cover, may not represent the best value when buying limits of indemnity above this minimum. Rather than buying higher limits under a primary programme from a ‘Qualified Insurer ‘more competitive terms may be obtained by purchasing limits above the minimum level of cover from an Insurer who specialises in providing ‘Excess Layer’ Insurance solutions.
Robertson Low believe that we should take time in understanding our client’s specific requirements and the profile of their practice to establish a clear strategy designed to achieve a considered and well structured solution to their particular insurance requirements. This can be achieved from a brief telephone consultation with one of our brokers, we can quickly establish the profile of your practice and how this will be regarded by the ‘Qualified Insurers’ participating within the market. We can then provide considered, professional advice as to how best to focus your efforts in obtaining a secure, structured Solicitors Professional Indemnity solution. The best solution may be from one of the Insurers with whom Robertson Low have direct relationships or from other providers in which case we will direct you to other providers that you may wish to access directly.
