Guide
PII renewal checklist for law firms
Annual checklist to verify your firm's PII renewal is on track. Covers claims history, risk management review, insurer notification, SRA confirmation, cover verification, and run-off planning.
Check your law firm's professional indemnity insurance (PII) meets SRA rules before 1 October. You must have cover for claims, review risks, and confirm with your insurer. Without it, the SRA can take action against your firm.
- Get PII cover meeting SRA minimum terms by 1 October
- Recognised bodies need £2m per claim, licensed bodies £3m
- Insurer must pay full claim first, then recover excess
- Check your insurer is on the SRA qualifying list
- Run-off cover lasts 6 years if firm closes
- Review claims history and risk management annually
- Confirm cover details with insurer and SRA
- Operating without insurance risks SRA intervention
- Defence costs must be paid in addition to cover limit
Use this checklist to confirm your firm's annual PII renewal meets SRA requirements. Work through each section before the 1 October indemnity period start date.
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Obtained full claims summary from current insurer or broker for the past 6 years
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Identified all open claims, reserves, and outstanding notifications
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Recorded any new circumstances or near misses since last renewal
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Confirmed all material facts are ready for disclosure to prospective insurers
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Reviewed and updated file supervision and review procedures
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Confirmed complaints handling procedure is current and documented
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Checked anti-money laundering controls are up to date
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Verified cyber security measures and data protection compliance
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Documented any changes to practice areas or fee income mix
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Approached the market at least 3 months before 1 October
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Confirmed all prospective insurers are on the SRA qualifying insurers list
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Obtained at least 2 comparable quotations
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Compared premium, excess, endorsements, and insurer financial strength
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Checked policy wording complies with SRA Minimum Terms and Conditions
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Bound new policy before 1 October indemnity period start
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Confirmed insurer has notified the SRA that cover is in place
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Verified firm's PII status on the SRA website shows as current
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Updated terms of engagement and client-facing documents with new insurer details
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Confirmed run-off cover position with insurer in case of future closure or merger
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Noted 6-year run-off obligation under SRA Minimum Terms
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Recorded run-off cover cost estimate for succession or closure planning
If you answered 'no' to any item under binding cover and SRA confirmation, act immediately. Operating without qualifying PII is a serious regulatory breach. The SRA can intervene in your practice and will publish details of firms without cover.