Law Society Urges Action As Negligence Insurance Plan Ends
Law360, London (April 19, 2021, 1:45 PM BST) -- A legal trade body has warned that retired solicitors could soon find themselves on the hook for negligence claims after an insurance fund for shuttered firms closes in September.
Former bosses of law firms that have closed down will no longer have access to insurance under the Solicitors Indemnity Fund, the Law Society said on Friday.
The mutual fund provides professional indemnity insurance for firms that have closed, in case former clients make accusations of negligence dating back decades. But, from September, the fund will be closed to claims, meaning that retired solicitors could need to seek alternative "run-off" cover.
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