Solicitors Indemnity Fund closure - cover after run-off
03 October 2019
The Solicitors Indemnity Fund (SIF), run by Solicitors Indemnity Fund Limited(SIFL), was established to provide compulsory professional indemnity cover for law firms. The profession decided to move to open market professional indemnity insurance from 31 August 2000.
The SIF currently provides run-off cover to any firm that ceased without a successor practice on or before 31 August 2000. It was agreed that SIF should also provide post six-year run-off cover for firms that ceased without a successor practice after this date.
After 30 September 2020, SIF will cease providing post six-year run off cover to firms that have closed, or will be closing, without a successor practice. Any claims made against firms after this date and outside of the six-year run-off period will not be covered.
SIFL will continue to manage claims that have been notified to the Fund prior to the 30 September 2020.
Any solicitor whose firms falls into the categories set out above will need to consider what arrangements they make to cover themselves for any claims made after their run-off cover with their insurer ends.