While the SRA expects ‘appropriate’ insurance to be arranged, most Insurers feel that the guidance provided by the regulator leaves many questions unanswered.
The SRA guidance note focussed mostly on the amount of cover rather than the scope of the policy protection. The SRA Minimum Terms wording is the widest policy form available to professionals in the UK.
Some Insurers have said they are unlikely to offer a freelance product, but others have confirmed their willingness to help to us.
With the concept being so new, Insurers will be seeking to understand the variation in business models that arise from this change.
To allow us to approach Insurers for quotations we will need:
For guidance on the new rules, we recommend contacting legal compliance specialists, Jonathon Bray.