Premiums and Rates

Members pay premiums based upon the type of work undertaken, fee income and limit of cover.  Claims history is not currently taken into account.

Each year when renewing their cover Members declare to Bar Mutual the total fee income they received from each of the areas of practice set out in the Renewal Form in the preceding 12 months. Rates are applied to fee income earned from each practice area reflecting the risk presented by that area of practice. The rates are determined by the Board of Directors on advice from the Managers.

Limits

The minimum limit of cover is £500,000.  The maximum limit of cover is £2,500,000.

The limit of cover for each Member is determined by the amount of premium payable.  Members may opt to purchase higher limits of cover.  There is no option to purchase lower limits of cover than those determined by Bar Mutual’s rating schedule.

Cover for more than £2,500,000 can be bought on the commercial market. Visit www.barristersindemnity.co.uk or www.barristerspi.co.uk for more information.

If a claim is settled or results in a damages award, no deductible or excess is applied. A deductible of £350 is, however, payable by Members in the event of:

  • A finding of professional misconduct; or
  • A successful wasted costs application.