FUNDING FOR PROFESSIONAL INDEMNITY RENEWALS
Posted in: General | Posted on: 30 August 2022
With over 11,000 law firms practising in England and Wales the revenue professional indemnity generates is worth more than £250 million in annual premiums.
Since 2014 solicitors have been able to renew their cover at any time during the year. Having said that ‘old habits die hard’ with around 75 % of firms still renewing their professional indemnity insurance on 1 October.
In recent years law firms have seen a significant increase in the cost of their professional indemnity insurance, up by over 30% last year!
Considering the above facts, we know that September is a remarkably busy month for finance brokers specialising in practice loans, as law firms look to spread the cost of their indemnity insurance.
Whilst other Funders are putting up their rates, here at Kingsley Asset Finance we have taken a decision to reduce our unsecured practice loan rates making us more competitive. And with manual underwriting combined with our commercial approach and fast turnaround times, we are a great alternative funding option for your professional clients!
If you have a proposal, send it to newbusiness@kingsleyaf.co.uk
