The Law Society of England and Wales (The Law Society) established the Solicitors Indemnity Fund in 1987 to provide compulsory professional indemnity cover to all solicitor firms in private practice throughout England and Wales. At the same time The Law Society established Solicitors Indemnity Fund Limited (SIFL) for the sole purpose of managing and administering the Fund.
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Claims under the first two of these headings may continue to be made without limit of time.
After that date, no Expired Run Off claim will be provided with indemnity out of the Fund.
Details of the scope of cover provided by SIF in relation to the Expired Run-Off can be found at Rule 8.5 of the SRA Indemnity Rules 2012.
When a claim is notified, whether by a prior principal of a ceased practice or directly by a claimant, SIF investigates the claim.
SIF only has power to settle claims where the ceased practice is legally liable to the claimant.
After that date, no Expired Run Off claim will be provided with indemnity out of the Fund.
Details of the scope of cover provided by SIF in relation to the Expired Run-Off can be found at Rule 8.5 of the SRA Indemnity Rules 2012.
When a claim is notified, whether by a prior principal of a ceased practice or directly by a claimant, SIF investigates the claim.
SIF only has power to settle claims where the ceased practice is legally liable to the claimant.
Where a practice no longer exists, it is usually the case that a claimant will initially make enquiries directly with the Solicitors Regulation Authority (SRA) to ascertain against whom any possible claim should be made or referred to.
This will necessitate the completion and sending of a form/questionnaire known as the Professional Indemnity Insurance Disclosure Form to the SRA providing brief information about any potential claim.
The SRA will inform the claimant if this is a matter to be referred to an existing practice or other insurer, or if the claim should be made directly to SIF.
This will necessitate the completion and sending of a form/questionnaire known as the Professional Indemnity Insurance Disclosure Form to the SRA providing brief information about any potential claim.
The SRA will inform the claimant if this is a matter to be referred to an existing practice or other insurer, or if the claim should be made directly to SIF.
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