Very few personal injury firms have failed to renew their professional indemnity insurance (PII) according to a new survey by O'Connors.
Having contacted nearly 500 law firms, O'Connors, which advises other law firms, found that none of them had missed the 1 October deadline to secure insurance for their practices.
However, Legal Futures has reported that survey respondents did have some close calls in meeting the deadline. 87% of those surveyed have signed up with a rated insurer, with indemnity periods varying from 12 months (78%) to 18 months (14%) and 24 months (8%).
Legal Futures quoted O’Connors partner Nigel Wallis as saying that things were not "perhaps as bleak for the majority" as some commentators had feared.
“The insurance industry remains nervous of the financial stability of many firms but, on this evidence at least, the industry continues to step up to the plate and support the sector, albeit with some hardening rates and tightening terms,” he said.