Published on 04/02/2016
Elite Insurance, a professional indemnity insurer, today announced it is pulling out of the solicitors PI market.
Elite blamed the increased likelihood of fraud involving client accounts, as a significant factor its decision to withdraw.
Elite are amongst the largest 15 PI insurers for solicitor’s indemnity in the market and have announced that they will not be writing new policies or offering renewal terms to their existing clients.
Chief executive Jason Smart commented ‘We have seen an increasing number of such attacks and feel these are not likely to abate. The risk is beyond the control of our underwriting team.’
Elite’s position is the first public acknowledgement by an insurer of the dangers of client account fraud faced by conveyancers.