Marsh launches service to secure insurance cover at reasonable rates

London, 16 August, 2011 – Small legal practices are bracing themselves for another challenging renewal season for solicitors’ professional indemnity (PI) insurance, as insurers assess their risk profiles with increased rigour. In contrast to many larger firms that continue to reap the benefits of benign market conditions, smaller practices face soaring premiums as insurers either withdraw or retreat from the market.

In response, Marsh today announces the launch of a new service designed to assist smaller practices secure solicitors’ PI insurance cover from leading insurers at reasonable rates.

In addition to a range of benefits, Marsh is offering two to three-partner firms exclusive access to Legal & Professional Insurance, part of Liberty Mutual Insurance Europe, and four to ten-partner firms exclusive access to XL Insurance for solicitors’ PI cover. Both insurers are rated A (excellent) by AM Best. As a result, smaller firms can secure, through Marsh, the comprehensive insurance provision enjoyed by many of the largest 100.

“PI renewals have become increasingly difficult and costly for many firms outside of the top 100,” commented Janine Parker, Head of UK Solicitors’ PI at Marsh. “Rates have continued to climb and the number of firms in the Assigned Risk Pool has risen dramatically. Many smaller firms with excellent records are experiencing real difficulty in securing PI insurance at reasonable terms.

“As the renewal date approaches, Marsh has brought together the expertise of leading solicitors’ PI insurers to offer a measured alternative to the annual scramble for insurance cover that many smaller firms endure.”

As well as obtaining quotations from its panel of financially secure insurers, Marsh’s service offers a range of flexible premium payment options, claims handling by claims handlers specially-trained in solicitors’ claims, and accredited risk management training.

Law firms can obtain a quote or for further information, by emailing pi.solicitors@marsh.com