The Law Society has written to every professional indemnity insurer asking for an ‘urgent response’ to its concerns over the ‘hugely inflated’ premiums being quoted ahead of this year’s renewal deadline.

The Society said calls to its dedicated professional indemnity insurance helpline indicated that insurers were quoting premiums which in some cases were 300% higher than the previous year, despite no change in circumstance at the firm.

Law Society chief executive Des Hudson said the Society had written to every insurer and the Association of British Insurers expressing its concerns over the ‘hugely inflated’ rates.

He said: ‘We have called for an urgent response from qualifying insurers and the ABI to our concerns and seek their views to avoid leaving firms without cover. Given that we spoke with every insurer months ago and discussed the need for early submission of proposals, and the need for responses from insurers in reasonable time, the information we have is deeply worrying. We would be keen to meet with them at the earliest opportunity.

‘It has become apparent that some firms are struggling to get affordable cover or any cover at all in certain cases. We are seeing instances of unjustified inflated quotes compared to last year, as well as what appear to be questionable practices in imposing unreasonably short deadlines to accept an offer. For example, some insurers are giving solicitors just 24 hours to accept their quote.’

He added: ‘The helpline has revealed that some insurers have not yet responded to proposal forms or have refused to take new business until late this month, giving solicitors barely any time to obtain cover.’