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Tue 09 Sep 2009Solicitors urge end to compulsory insurance
MAKING PROFESSIONAL indemnity insurance voluntary rather than compulsory and allowing solicitors to incorporate as limited companies were among proposals put to a special meeting of solicitors last night held to discuss the current difficulties in the profession.
In a letter to members earlier this month, Law Society president John Shaw said: "A combination of the industry's losses in investment markets and a very substantial increase in the number and size of negligence claims relating to property transactions, including failures to comply with undertakings following the collapse of the overvalued property market, has produced unsustainable losses for all insurers in the Irish market."
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