|PI Insurers and policyholders to feel impact of governments increase in civil money claim court fees|
|Written by Dave Hedgecock|
|Saturday, 07 March 2015 18:46|
There will be large increases in court fees from March 2015 earlier that had initially been expected. From Monday 9 March there will be a change to the way fees are charged in both 'specified' and 'unspecified' money claims.
Of relevance to PI insurers and policyholders:
What will this mean for insurers and PII policholders
Claims issued from next week, 9 March 2015 onwards, will require larger reserves to be held for claimant’s costs and will need to reflect the higher fees which may be recoverable in the event that a claimant is successful.
Insurers may have to give greater thought to the decision to defend a claim or if to settle early, not something which always sits well with the policyholder who believes he/she is being wronged.
There are many other implication, however, the law society has expressed its own concern at the large increases and has suggested a review be sought. We will report more on this as the new rules unfold.
Read more on the law society website
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