The shortfall of the law.
An estimated £432m shortfall is threatening the future of the Solicitors' Indemnity Fund. Edmund Tirbutt says this could be good for brokers.
Most recent media attention on the solicitors' professional indemnity(PI) market has focused on the possibility that the Solicitors' Indemnity
Fund (SIF) could fold, creating opportunities for brokers to place
business in the open market. While there is much speculation about this,
it is not a foregone conclusion and certainly would not happen
overnight.
At present, all 9500 firms of solicitors in England and Wales are obliged
to receive up to their first £1m of cover via SIF and use the open
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