What is the minimum E&O insurance coverage required for lawyers in the UK?

The Solicitors Regulation Authority (SRA) mandates minimum coverage levels. For incorporated firms, this is currently £3 million. It's crucial to check the latest SRA Indemnity Rules for the most up-to-date requirements.

What factors affect the cost of E&O insurance for lawyers?

Factors include the coverage limit, deductible, practice area, firm size, claims history, and risk management practices. Higher coverage limits and riskier practice areas typically result in higher premiums.

Does E&O insurance cover cyber liability for law firms?

Many E&O insurance policies now offer extensions or endorsements to cover cyber liability, reflecting the increasing threat of cyberattacks. It's important to review the policy wording carefully to understand the scope of cyber coverage.

What is prior acts coverage, and why is it important?

Prior acts coverage protects against claims arising from services rendered before the policy's effective date. It's particularly important when switching insurers to avoid gaps in coverage.

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