You may recall an article in the Law Society Gazette? The piece referenced a firm that discovered the costs of defending a regulatory action; against both individuals within the firm and the firm itself. The shocking revelation… their PII Policy did not cover them for these costs(!)
Now, don’t worry, we have been looking into the extent of exposure here, and to ensure individuals and your firm are protected against the costs of a regulatory action by the SRA, we would recommend you consider a Management Liability Policy: – to include, Directors & Officers Liability with a Corporate Liability extension.
Attached is a pre-priced proposal form with flexible limits of indemnity which is underwritten by Royal & Sun Alliance via Pen Underwriting. The premiums are based upon the annual fee income for the practice and various Limits of Indemnity are available. If you are unsure, we would suggest that the limit of indemnity reflect or mirror the combined total personal assets of the directorship to be deemed “adequate.”
In short, you can afford defense costs against SRA / SDT issues for as little as £350.00.
For further information or for a quotation please click HERE.