A new approach to PI insurance for Germany lawyers
From 1 August 2022, the professional regulation of lawyers and law firms in Germany has changed. Such reform has brought changes concerning the obligation to insure professional service firms similar to those already in place in England and Wales.
Minimum insurance requirements
Under the old German regulation, professional liability insurance was not obligatory for all types of companies. However, under the new regime all professional service firms. must take out professional liability insurance with a standard minimum cover.
Limited liability companies, such as many law firms, must have a minimum cover of EUR 2.5 million. An exception to this is for smaller law firms that have fewer than ten professionals, in which case the minimum cover is EUR 1 million. Law firms without limited liability must have a minimum cover of at least EUR 500,000. Lastly, regardless of limitations of liability, individual lawyers must have a minimum cover of EUR 250,000.
Key considerations
Underwriters of German law firms should familiarise themselves with these new requirements and ensure that suitable limits are applied to their policies.
Contact
Tim Johnson
Partner
tim.johnson@brownejacobson.com
+44 (0)115 976 6557
Our expertise
You may be interested in...
Legal Update
Understanding the ICO's new fining guidance
Legal Update
Unravelling the challenges and opportunities in UK sports governance
Press Release
Browne Jacobson advises European micromobility insurtech Laka on investment from Achmea Innovation Fund
Legal Update
Cyber-attacks in UK universities: Why failing to prepare is no longer an option
Legal Update - The Word
The Word, March 2024
Opinion
Caregivers at work: Navigating new carer's leave regulations
Legal Update
Commercial Court considers requests for stay or anti-suit injunction where two competing reinsurance wordings
Opinion
EHRC publishes new guidance on menopause and the workplace
Legal Update
Parametric flood policies - Insurers no longer in uncharted waters?
Legal Update
LockBit unlocked: International taskforce takes down major cyber criminal organisation
Legal Update - Consumer Duty
80% of GAP market pause sales amid Consumer Duty concerns
Legal Update
FCA writes to MPs over car insurance premiums. What do increases mean for fraud?
Legal Update
Biodiversity Net Gain: A new landscape for restoration clauses
Legal Update
The regulators’ pet project
Legal Update
Welsh Government inks new regulations for Acupuncture, Body piercing, Electrolysis and Tattooing
Legal Update
Insurance and the escalating situation in Suez Canal
Legal Update
Update: Further debates on the Automated Vehicles Bill in the House of Lords this month
Legal Update - The Word
The Word, February 2024
Legal Update
The Home Affairs Committee launched another inquiry into fraud - Stop! Think Fraud
Legal Update
Progress on the Automated Vehicles Bill
Legal Update - The Word
The Word, January 2024
Legal Update
Voldemort causes havoc at Sellafield – nuclear risks and insurance policies
Legal Update
A blow to manufacturers as Thai Court confirms insurers’ denial of cover in wind turbine case
Legal Update
Adapting to change or falling behind? The FCA under fire from the National Audit Office
Legal Update
Premium finance – a poverty premium
Legal Update
'Clear and unambiguous' exclusions: Cameron Soule v Woodward Design + Build LLC
Legal Update
Follow the leader: Insurers using algorithmic underwriting
Legal Update
Insurance Insights 2024
Legal Update
Statutory assignment to insurers not caught by no-assignment clause
Legal Update
Court of Appeal decision again demonstrates the need for reform of the Solicitors Minimum Terms
Legal Update - The Word
The Word, December 2023
Legal Update - London Market Quarterly
London Market, Autumn 2023: What the insurance market needs to know
![Al Mana Lifestyle Trading L.L.C. & Others v United Fidelity Insurance Company PSC & Others [2023] EWCA Civ 61 – Update](/getattachment/b24270a8-0bb3-4a8a-bcf0-37830f99591b/shutterstock_710149084_6x4.jpg?variant=HeroImageTabletVariantDefinition)
Legal Update
Al Mana Lifestyle Trading L.L.C. & Others v United Fidelity Insurance Company PSC & Others [2023] EWCA Civ 61 – Update
Legal Update
Proposed amendments to the Arbitration Act 1996
Legal Update
The downfall of Vesttoo: Fraudulent letters of credit
Legal Update
Chubb leads a $50m consortium to help mitigate the increasing risks associated with lithium-ion batteries
Legal Update
Climate change related insurance decisions being made around the world
Legal Update
D&O: Australian Courts consider the meaning of ‘personal advantage'
Legal Update
Trade credit: Australian Courts consider the meaning of ‘recoveries’
