Professional Perils

Solicitors Regulation Authority warning over PI cover

The Solicitors Regulation Authority (SRA) has written to the 141 firms that are still in their extended policy period (EPP) having failed to obtain professional indemnity insurance cover by the 1 October deadline. The EPP was introduced for the first time this year to replace the assigned risks pool (ARP). The period lasts for 90 days, and once firms have entered the last 60 of these (the cessation period), they cannot take on any new instructions, and must also look at closing down at the end of the period if they do not find an insurer. The SRA was notified by 277 firms that they needed to enter the EPP, and so far 136 have secured a new policy.