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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11559
Experience:  30 years as a practising solicitor.
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I work small conveyancing firm and we're facing a claim

Resolved Question:

I work small conveyancing firm and we're facing a claim for £130,000! It's our first claim in 20 years and our PI premium is about £14,000 a year.
Would a claim cause our insurance to be so high we couldn't afford to practice anymore? Bit worried about my job!
Submitted: 2 years ago.
Category: Law
Expert:  JGM replied 2 years ago.
Thank you question.
The PI premium would increase after a claim. The extent can't be advised from the limited information available and would depend on a number of factors.
Typically, a £14000 premium would increase but not to the extent that a firm would have to close down.
Happy to discuss further.
Please leave a positive response so that I am credited time.
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