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Latest on risk management, professional indemnity and compliance issues.
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August 16, 2023
Legal Services Board paper: Financial Protection Arrangements for Consumers
See here.
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October 07, 2022
SRA Consultation: Consumer protection for post six year negligence
See here.
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March 04, 2022
Quadra Commodities SA v XL Insurance Company SE & Ors [2022] EWHC 431 (Comm)
Unsuccessful claim for damages under section 13A if the Insurance Act 2015.
See here.
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February 07, 2022
Template response: SRA future of SIF and PSYROC consultation | The Law Society
The Law Society has produced a template response to the Solicitors Regulation Authority’s consultation on the future of the Solicitors Indemnity Fund and Post Six Year Run Off Cover (PSYROC).
The consultation closes on 15 February 2022.
See here.
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February 04, 2022
Doorway Capital Ltd v American International Group UK Ltd [2022] EWHC 182 (Comm)
There was no right to indemnity under a policy written under the Solicitors Regulation Authority Minimum Terms and Conditions for a claim relating to the firm’s funding as the claim did not arise from the provision of services in private practice as a solicitor. Sutherland Professional Funding Ltd v Bakewells [2011] EWHC 2658 (QB) and Impact Funding Solutions Ltd v Barrington Support Services Ltd [2013] EWHC 4005 (QB) considered. Obiter, the trading debt exclusion would have applied.
See here.
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January 25, 2022
Merck and International Insurance v ACE American Insurance
The Superior Court of New Jersey has held, in Merck and International Insurance v ACE American Insurance, Docket No. UNN-L-2682-18, that a war exclusion did not apply to a claim arising from the NotPetya cyber-attack, widely attributed to the Russian military. This may arise in relation to war exclusions in cyber policies here.
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January 17, 2022
Spire Healthcare Ltd v Royal & Sun Alliance Insurance Ltd [2022] EWCA Civ 17 (11 January 2022)
Court of Appeal decision interpreting an aggregation clause in an insurance policy, and holding that multiple claims ‘consequent on or attributable to one source or original cause’ aggregated with one another and were subject to a single policy limit rather than two.
See here.