Retired solicitors fear ruin when insurance safety net closes : vimarsana.com

Retired solicitors fear ruin when insurance safety net closes


Retired solicitors say they are living in fear of historical negligence claims landing on their doorsteps, as the backstop for protecting them draws to a close.
The Solicitors Indemnity Fund is set to close from September – a move delayed by a year previously – as the safety net for claims against a firm dating past the six-year run-off date is whipped away.
After a law firm closes, run-off cover must be purchased to protect solicitors and their clients if a claim arises because of negligence. The SIF has been dubbed as a ‘sleep easy’ clause as it protects retired solicitors – or potentially their estates – from historical claims.

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