number of law firms looking for financial assistance to help cover professional indemnity (PI) premiums has risen dramatically, after a staggering rise in negligence claims in the High Court and the loss of a leading insurer.
Independent financial provider Syscap said it has already received requests from 427 law firms seeking financial cover to help pay for negligence claims. The number represents a 90 per cent spike on last year when only 225 sought aid.
Syscap said the rise was linked to a dramatic increase in professional negligence claims taken to the High Court, which have already hit an 11-year high.
The collapse of Quinn Insurance, which specialised in PI insurance, has also contributed to the rise.