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

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

person

includes a body of persons (corporate or unincorporated)

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.

insured

means each person and entity named or described as a person to whom the insurance extends and includes, without limitation, those referred to in clause 1.3 in the MTC

preceding qualifying insurance

means, in the case of any firm or person who makes an expired run-off claim, the policy of qualifying insurance which previously provided run-off cover in respect of that firm or person, or which was required to provide such cover, or (in the case of a firm in default or a run-off firm) arrangements to provide such run-off cover through the ARP.

SRA

means the Solicitors Regulation Authority