Professional Indemnity Insurance (PII) Renewal

03/12/2020

See an update for firms having difficulty obtaining PII cover.

The final day of the 2019/2020 professional indemnity insurance ('PII') indemnity period was yesterday, 30 November 2020. Firms have three working days from 1 December to provide confirmation of PII cover for the 2020/2021 indemnity period by their brokers through the Society’s online PII portal.

The Society is aware that some firms are having difficulty obtaining cover, particularly firms who were previously covered by QBE. The Society is in ongoing contact with insurers and brokers in the market to assist with obtaining cover for such firms.

To that end, the Society has granted some time and space to brokers that are waiting on a response from insurers with regards to cover, on the condition that the brokers provide the Society with a list of their firms that are awaiting cover.

CNA Hardy have confirmed that they have additional capacity for firms who meet their underwriting criteria on 1 and 2 December only, and can be contacted through the following brokers:

  • Arachas
  • First Ireland Insurance Brokers
  • Marsh
  • McGivern Flynn
  • Galvin Murphy Insurance Brokers

For firms, it should be noted that your 2019/2020 PII cover expired on 30 November 2020. The Assigned Risks Pool immediately and automatically provides temporary cover for firms who do not have PII cover from 1 December, albeit at a lower level including minimum level of cover of €1.5 million in the aggregate (rather than each and every claim), and no cover for claims by financial institutions. This emergency cover will allow firms to continue to practise for a short period of time while arranging cover in the market. Once market coverage is obtained, it should be backdated to 1 December at the full level of coverage.

If your firm still does not have confirmation of cover by Monday 7 December, you should make a precautionary application to the Assigned Risks Pool, while noting that your broker is still seeking cover in the market. The Special Purpose Fund Manager that runs the Assigned Risks Pool can be contacted at:

  • Manager: DWF Claims (Ireland) Limited, 5 George’s Dock, IFSC, Dublin 1
  • Email: SPF@dwfclaims.com
  • Phone: 01 790 9400
  • Fax: 01 790 9401

The Society’s PII helpline continues to be available by phoning 01 879 8707 or emailing piihelpline@lawsociety.ie. Due to the high volume of calls, it is advised to send queries by email for a quicker response.