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24 Aug 2010
Negligence claims against professional advisers have reached an 11-year-peak according to a finance provider which claims both insurance claims and premiums are rising.
A study by Syscap has found High Court negligence cases launched against professional firms has jumped 125% to 332 in 2009, up from 147 in 2008.
The recession triggered the steep increase according to the agency with investors or lenders hoping to recover falling asset values.
Syscap also cited the administration of Quinn Insurance which it believes placed upward pressure on the cost of professional indemnity insurance and forced up premiums.
The figures follow a March report, by law firm Reynolds Porter Chamberlain LLP which found a sudden jump in negligence cases against accountants.
“The sudden jump in professional negligence claims against accountants last year suggests that claims relating to the credit crunch have started to reach the courts,” Jane Howard, partner at RPC said at the time.
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