Solicitors have different professional indemnity policies than other professionals. There are many professional indemnity coverages available for solicitors. Noting that solicitors offer a different type of service than other professionals, it is important to note that there are many types of claims against solicitors.
Today, the situation is very different. Solicitors have had to work harder because of the volatile nature of the industry. Unaccounted steps can lead to a nasty claim against a solicitor. To know more you can visit the website https://www.trustedunion.com/.
This could result in financial loss, reputation loss, or both. These are common situations. Solicitors need professional indemnity insurance.
The policy typically covers civil liability that arises from work done in private legal practice. However, there are some exclusions. Solicitors do not typically have professional indemnity insurance that covers negligence or breaching contracts.
However, it does cover breaches of fiduciary duty and breaches of trust. These are areas where professional indemnity insurance policies that are applicable to other professionals differ from professional indemnity coverage for solicitors.
In most cases, claims that are not paid due to a policy violation will be denied. Other professionals may have policies that limit the rights of the insurance company in the event of policy non-compliance. However, professional indemnity policies for solicitors provide more comprehensive coverage.
Solicitors need to be aware that although the coverage may be broadened, it may not cover activities that are not normally covered by solicitors.
Any solicitor engaging in solicitation activities that are not within the scope of the policy should be notified to the insurance agency. They will then ensure that any claims against the applicant are covered.