HFW Insurance Bulletin – April 2021
In this issue:
#SMCR – FCA Directory Persons data – submission deadline for solo-regulated firms
Solo-regulated firms are required to submit their Directory Persons data by either 18 March 2021 or 31 March 2021 under the FCA’s Senior Managers and Certification Regime (SMCR) requirements.»
Law Society Gazette predicts hardest PII market for 20 years
In the wake of a recent roundtable on the solicitors’ professional indemnity insurance market, and in anticipation of the upcoming round of renewals in March and April, the Law Society Gazette has predicted that solicitors are “facing the hardest market for indemnity cover since demutualisation over 20 years ago”.»
Following the recent decision in ABN AMRO Bank v [Underwriters] and Edge Brokers (London)  EWHC 442 (Comm), Andrew Bandurka considers the following questions:
1. Does the broker have a duty to draw Underwriters’ attention to an unusual contract term?
2. If so, is that duty owed to Underwriters and/or to the insured?
3. When a broker describes renewal terms as “as expiring”, is the Underwriter obliged to double-check?» Read more