The Law Society reported recently (25 May 2010):
Quinn Insurance: latest update for PII policy holders
Tuesday 25 May 2010
Member update: Tuesday 25 May
Following a meeting with Quinn and its administrators on 21 May, we can confirm that no decision has yet been made about whether Quinn will be renewing or issuing new professional indemnity insurance (PII) policies in the UK from 1 October 2010.
However, we continue to work on the assumption that Quinn will not be doing so. We will let you know if the situation changes.
We were also assured that Quinn:
- continues to be able to meet its debts and liabilities, including claims under policies, as they fall due
- has no current need to make an application to the Irish Compensation Fund but could do so if the situation changes
Therefore there is no reason for solicitors to hold any greater concerns than in previous weeks.
Practitioners may wish to have a look at the offering of Priest & Co. I will be doing a podcast with one of their team to look into the issue of insurance generally, and while I am appreciative that Priest & Co have sponsored some of the free materials on Insite (at my invitation) – they do have an interesting service.
Priest and co are registered Lloyd’s insurance brokers with a dedicated team of professional indemnity specialists who have been advising on solicitors professional indemnity insurance since the open market in 2000.
Whilst we specialise in the placement of professional indemnity insurance for law firms, we also recognise that the market place is saturated with brokers and can be a confusing and daunting place for law firms struggling to find the right cover. Therefore, rather than just acting as a broker, we are also happy to advise on how to approach the entire market, including those insurers we do not have access to.
The biggest mistake law firms make year on year is to flood the market with too many brokers. It is important that you use the market to your advantage rather than turn it away from you.
I plan to run a short series of guest posts on this issue for those of you who are interested as part of the Law review general coverage of legal issues.
“I will be doing a podcast with one of their team to look into the issue of insurance generally,”
If you think that it is an appropriate question, could you ask them if they do insurance for LiPs.
(I would imagine sorting the wheat from the chaff would make the process prohibitively expensive but what do I know?)
Thanks anyway.
what exactly is Quinn Insurance?