ICAEW’s PII Committee wish to highlight that there has been a hardening of the professional indemnity insurance market over the last 18 months. This means firms may find it more challenging (and/or time-consuming) to renew cover than previously. It could also mean that firms find their premiums increase significantly. Additionally COVID-19 may be affecting response times from brokers and insurers, as well as firms’ ability to meet the costs of increased premiums.
The ICAEW PII Committee recommends that firms:
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