News release

Changes to PII minimum terms and conditions

21 July 2016

The Insurance Act 2015 will come into force on 12 August and introduces a new duty on solicitors firms to make "a fair presentation of the risk" to insurers.

The minimum terms and conditions of professional indemnity insurance cover taken out by solicitors after this date will now reflect this change following our consultation earlier this year.

Focusing on the reimbursement and disclosure sections, the changes means that firms seeking cover will need to make "a fair presentation of risk" rather than currently simply for "non-disclosure".

As before, insurers cannot avoid a claim or cancel a policy if a firm fails to comply with the new standard, so consumer remain protected.

Guidance on how firms can comply with the new standard is available in our Guidance section.