The SRA Handbook is no longer in effect. It was replaced by the SRA Standards and Regulations on 25 November 2019.
Maximum liability of the fundBack to version 21
Version 3 of the Handbook was published on 20/04/2012. For more information, please click 'History' Above
Rule 12: Maximum liability of the fund
The liability of the fund as stated in Rule 8.1(c) shall in no event exceed in respect of each such claim the indemnity limit for the relevant indemnity period.
All claims arising from the same act or omission (whether or not made or intimated or arising out of circumstances notified during the same indemnity period and whether or not involving the same or any number of different practices or previous practices and/or members of such practices or previous practices) shall be regarded as one claim.
If a payment exceeding the indemnity limit is made to dispose of any such claim (or, in circumstances within Rule 12.2, claims) for loss (including claimants' costs) such as stated in Rule 8.1(c), then any liability of the fund for costs and expenses under Rule 8.1(d) shall be limited to such proportion of such costs and expenses as the indemnity limit bears to the amount of the payment so made.
The provisions of this Rule 12 shall not apply in relation to an expired run-off claim, in respect of which the provisions of Rule 8.5 shall apply.