Indemnity Fund

means the fund maintained in accordance with the SRA Indemnity Fund Rules.

claim

means a demand for, or an assertion of a right to, civil compensation or civil damages or an intimation of an intention to seek such compensation or damages. For these purposes, an obligation on an insured firm and/or any insured to remedy a breach of the SRA Accounts Rules, or any rules which replace them in whole or in part, shall be treated as a claim, and the obligation to remedy such breach shall be treated as a civil liability for the purposes of clause 1 of the MTC, whether or not any person makes a demand for, or an assertion of a right to, civil compensation or civil damages or an intimation of an intention to seek such compensation or damages as a result of such breach, except where any such obligation may arise as a result of the insolvency of a bank (as defined in section 87 of the SA) or a building society which holds client money in a client account of the insured firm or the failure of such bank or building society generally to repay monies on demand

relevant indemnity period

indemnity period

means:

1. in the SRA Indemnity Insurance Rules and the MTC, the period of one year starting on 1 September 2000, 2001 or 2002, the period of 13 calendar months starting on 1 September 2003, or the period of one year starting on 1 October in any subsequent calendar year
2. in the SRA Indemnity Fund Rules, the period of one year commencing on 1 September in any calendar year from 1987 to 2002 inclusive, the period of 13 calendar months commencing on 1 September 2003, and the period of one year commencing on 1 October in any subsequent calendar year.

practice

means the whole or such part of the private legal practice of an authorised body as is carried on from one or more offices in England and Wales; save for in the SRA Indemnity Fund Rules where it means a practice to the extent that:

1. in relation to a licensed body, it carries on regulated activities; and
2. in all other cases, it carries on private practice providing professional services as a sole solicitor or REL or as a partnership of a type referred to in Rule 6.1(d) to 6.1(f) of the SRA Indemnity Fund Rules and consisting of or including one or more solicitors and/or RELs, and shall include the business or practice carried on by a recognised body in the providing of professional services such as are provided by individuals practising in private legal practice as solicitors and/or RELs or by such individuals in partnership with RFLs, whether such practice is carried on by the recognised body alone or in partnership with one or more solicitors, RELs and/or other recognised bodies.

previous practice

means any practice which shall have ceased to exist as such for whatever reason, including by reason of:

(i)

any death, retirement or addition of principals; or

(ii)

any split or cession of the whole or part of its practice to another without any change of principals.

member

1. (unless (ii) below applies) means:
   1. in relation to a company, a person who has agreed to be a member of the company and whose name is entered in the company's register of members; and
   2. in relation to an LLP, a member of that LLP
2. for the purposes of the SRA Indemnity Fund Rules, means a member of a practice, being:
   1. any principal (including any principal) therein;
   2. any director or officer thereof, in the case of a recognised body or a licensed body which is a company;
   3. any member thereof in the case of a recognised body or a licensed body which is an LLP;
   4. any recognised body or a licensed body which is a partner or held out to be a partner therein and any officer of such recognised body or a licensed body which is a company, or any member of such recognised body or a licensed body which is an LLP;
   5. any person employed in connection therewith (including any trainee solicitor);
   6. any solicitor or REL who is a consultant to or associate in the practice;
   7. any foreign lawyer who is not an REL and who is a consultant or associate in the practice; and

   any solicitor or foreign lawyer who is working in the practice as an agent or locum tenens, whether he or she is so working under a
   contract of service or contract for services; and includes the estate and/or personal representative(s) of any such persons.

claimant

means:

1. a person making a claim to statutory trust monies; and
2. in the SRA Indemnity Insurance Rules and the MTC, a person or entity which has made or may make a claim including a claim for contribution or indemnity

Fund

means the fund established and maintained under rule 1.1 of the SRA Compensation Fund Rules.

expired run-off claim

means any claim made against the Indemnity Fund for indemnity under the SRA Indemnity Fund Rules in respect of which no preceding qualifying insurance remains in force to cover such claim, by reason only of:

1. the run-off cover provided or required to be provided under the policy having been activated; and
2. the sixth anniversary of the date on which cover under such qualifying insurance would have ended but for the activation of such run-off cover having passed; or
3. (in the case of a firm in default or a run-off firm) the period of run-off cove provided or required to be provided under arrangements made to cover such claim through the ARP having expired.