Law Society seeks insurers for indemnity after key player exits

QBE will no longer provide cover for solicitor firms with revenue under €5m

 Law Society of Ireland on Blackhall Place: Solicitors’ firms are obliged to have in place cover for €1.5 million for each and every claim. Photograph: Eric Luke

Law Society of Ireland on Blackhall Place: Solicitors’ firms are obliged to have in place cover for €1.5 million for each and every claim. Photograph: Eric Luke

The Law Society says it is working to attract new insurers into the market for professional indemnity insurance (PII) for Irish solicitors, after a large insurance company walked away from the market for smaller firms.

QBE insurance group has told the Law Society it will no longer provide PII cover for solicitors firms with annual revenue of less than €5 million. Solicitors cannot legally represent their clients without indemnity cover in place and QBE’s exit leaves many smaller firms scrambling for alternative providers ahead of a December 1st deadline, by which all firms must have it in place.

Please subscribe or sign in to continue reading.
only €1 first month

Insightful opinion is just a away.