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Elite Insurance ceases writing new business
Elite Insurance Company Limited, one of the participating insurers in the solicitors’ professional indemnity insurance market for 2016/2017, has announced today that they will be ceasing writing new business effective immediately.
Elite has stated that all current policies will remain in force and policyholders, including solicitor firms covered by Elite Insurance, will not be affected by this announcement. All claims should continue to be submitted to Elite’s claims handling agents as set out in the policy documentation and Elite has indicated that it is working to ensure that obligations with policyholders will be satisfied in full.
- View the Elite’s Insurance website
- View the declaration by the Gibraltar Financial Services Commission
Naturally this is an unsettling occurrence, nonetheless, provided there are no further adverse developments, the primary impact will be that solicitors firms covered by Elite Insurance will be required to obtain an alternative insurer for the 2017/2018 indemnity period. Guidance for the profession on Elite Insurance’s run-off can be found on the PII section of the Society’s website. A copy of the guidance will be emailed to all managing partners of firms covered by Elite Insurance today (5 July 2017).
The Society will continue to monitor the situation and any queries should be directed to the Society’s PII Helpline at 01 879 8707 or piihelpline@lawsociety.ie. The helpline is available Monday to Friday 10am to 4pm to assist with queries.
