- These rules apply to authorised bodies and their principals.
SRA Indemnity Insurance Rules
These rules require firms that are authorised by the SRA to take out and maintain professional indemnity insurance. They do not apply to solicitors, RELs and RFLs that practise outside SRA authorised firms.
Part 1: General
Part 2: Responsibility and monitoring
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- An authorised body carrying on a practice during any indemnity period beginning on or after 25 November 2019 must take out and maintain qualifying insurance under these rules with a participating insurer.
- In respect of its obligation under rule 2.1, an authorised body must obtain a policy of qualifying insurance prior to the expiry of the policy period, that provides cover incepting on and with effect from the expiry of the policy period.
- If the authorised body has been unable to comply with rule 2.2, the authorised body must obtain a policy of qualifying insurance during or prior to the expiry of the extended policy period that provides cover incepting on and with effect from the expiry of the policy period.
- If the authorised body has been unable to comply with either rule 2.2 or rule 2.3, the authorised body must cease practice promptly, and by no later than the expiry of the cessation period, unless the authorised body obtains a policy of qualifying insurance during or prior to the expiry of the cessation period that provides cover incepting on and with effect from the expiry of the policy period and covers all activities in connection with private legal practice carried out by the authorised body including, without limitation, any carried out in breach of rule 4.2.
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- Notwithstanding rule 2.1 above, an authorised body must take out and maintain professional indemnity insurance that provides adequate and appropriate cover in respect of current or past practice taking into account any alternative arrangements the body or its clients may make.
- An authorised body must ensure that its clients have the benefit of the indemnity insurance required under these rules and must not exclude or attempt to exclude liability below the minimum level of cover required under these rules.