Firms covered by collapsed insurer Enterprise Insurance have until today to find an alternative provider.
The Solicitors Regulation Authority has confirmed that 43 firms had professional indemnity insurance with Gibraltar-based Enterprise Insurance before it was declared insolvent by the Gibraltar Financial Services Commission in July.
An update published by the regulator on Friday states that around two-thirds of firms have already found alternative PII cover, or are well into the process of getting new policies in place.
SRA executive director of policy Crispin Passmore said: ‘We have been working closely with the firms involved to keep them up to date and support them as they secure cover. These firms are aware of their responsibilities and are acting accordingly.
‘We have made it clear that it is essential to let any potential new clients know about the situation. We have also told firms that we expect them to make sure existing clients are aware of what is happening.’
Firms had 28 days from the time Enterprise was declared insolvent to arrange alternative cover.
‘Timelines are short and these are challenging circumstances, so we are taking a constructive approach, and will continue to do so,’ Passmore said. ‘The important thing is that the firms arrange new cover as soon as possible.’