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Changes to the Solicitors Professional Indemnity Market

The Assigned Risk Pool (ARP) is essentially a safe haven for solicitors who have not been able to obtain Professional Indemnity Insurance in the open market.

In October 2011 the amount of time that a firm can remain in the ARP was reduced from 12 to 6 months and from October 2012, the ARP will be funded jointly by insurers and solicitors, with liability for claims arising from firms who have not taken out insurance moving from the ARP to the Compensation Fund.

The ARP will be replaced in October 2013 with a system where insurers offer a 3 month extended policy to firms who cannot obtain Professional Indemnity for the following year to allow them extra time to find an alternative insurer.

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