SRA Standards and Regulations

Exclusions from cover

The Indemnity Fund shall not afford any indemnity in respect of any loss arising out of any claim: for death, bodily injury, physical loss or physical damage to property of any kind whatsoever (other than property in the care, custody and control of the previous practice or member thereof in connection with its, his or her private legal practice for which it, he or she is responsible, not...

Power to require contributions

Solicitors, RELs, RSLs, RFLs, recognised bodies and licensed bodies must make contributions to the Indemnity Fund in such amounts and at such times as may be prescribed. Deleted The SRA may at any time, to the extent that it is reasonably practicable for it to do so, recalculate any claims adjustment applicable to any practice under the Solicitors' Indemnity Rules 2012 (or any earlier...

Maintenance and termination of the fund

The Indemnity Fund shall continue to be held, managed and administered by the SRA for so long as and to the extent that the SRA may consider necessary or appropriate for the purpose of providing indemnity in respect of any claim(s) made or intimated during any indemnity period and/or during or subsequent to any indemnity period arising out of circumstances notified during any indemnity period...

Arbitration

If a dispute arises between: a person who seeks indemnity from the Indemnity Fund in accordance with these Rules, and the SRA concerning any claim or the quantum of any claim that is the subject of the indemnity being sought from the Indemnity Fund by the person, the person and the SRA shall endeavour to resolve the dispute amicably. If, however, the dispute remains unresolved within [thirty...

Use of information

Deleted

Indemnity

Indemnity for ceased practices Any member of a previous practice which ceased on or before 31 August 2000 who has at any time been either: an assured as a result of the issue of a certificate under one or more of the master policies, or a person entitled to be indemnified by virtue of the issue of a receipt under the Solicitors' Indemnity Rules 1987-1990 or a payment of Contribution and Value...

Grants which may be made from the Fund

A person may apply for a grant out of the Fund, if the loss referred to in rule 3.3 relates to services provided: by the defaulting practitioner for them; or to, or as, a trustee where they are a beneficiary of the estate or trust. A person who is not a client of the defaulting practitioner may apply for a grant out of the Fund if they: were a party on the other side of a legal matter on which...

Maximum grant

Unless the SRA is satisfied that there are exceptional circumstances in the public interest that justify a higher sum, the maximum grant that may be made is £2 million. For the purposes of this rule, a single claim is an application, or applications, from an applicant for the loss incurred by them arising from a single event or set of connected underlying circumstances.

Apportionment and multi-party issues

Where the loss has been sustained as a result of the act or omission of more than one party, the SRA will consider the role of each party in contributing to the applicant's loss in deciding whether to make a grant and, if so, the amount of any grant. In the case of a defaulting licensed body, the SRA will consider the extent to which the loss is attributable to an act or omission which falls...

Refusal of an application

If the SRA refuses to make a grant of either the whole or part of the amount applied for, the applicant will be informed in writing of the reasons for the decision. The fact that an application has been rejected does not prevent a further application being submitted provided that material new relevant evidence or information is produced in support of the new application.