The Law Society will today publish insurance guidance urging solicitors to exercise their rights and find out exactly what their broker is being paid.

The 2012 PII Buyers’ Guide will help solicitors find out from their brokers all the fees and commissions they receive - as they must reveal under Financial Services Authority rules.

There is also advice on choosing the right insurance partner and guidance on the level of service solicitors should expect. The professional indemnity insurance renewal season is about to get into full swing as firms seek cover in advance of the 1 October deadline.

Law Society chief executive Desmond Hudson said the guide forms part of a longstanding campaign to encourage greater transparency in the renewal process.

‘The FSA created the requirement for brokers to reveal, if asked by their client, commissions and fees that they receive to promote transparency,’ he said.

‘We are eager to help in that aim and will be providing all of our members with the tools required to do this.

‘We consider that by requesting this information, it will give solicitors a better understanding of the relationships between insurers and intermediaries, as different brokers provide different types of services which will necessarily be reflected in their remuneration.’

He added that while it may seem to solicitors that their broker is dealing directly with qualifying insurers, in some cases the broker forms part of a chain of sub-brokers who access insurers via other brokers.

As part of the Law Society’s member support initiative, in addition to the Buyers’ Guide, a template letter for solicitors to send to their broker will be made available on the PII website from today.