Arbitration

You are reading current version in effect from 1 October 2023
Glossary terms (4)

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Professional indemnity insurance
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You are reading current version in effect from 1 October 2023

Glossary terms

person

includes a body of persons (corporate or unincorporated)

Indemnity Fund

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

SRA

means the Solicitors Regulation Authority

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