Does your firm have professional indemnity insurance in place that complies with the rules?
Rule 9 of the Rules of Conduct for Firms states:
A Firm shall ensure that all previous and current professional work is covered by adequate and appropriate professional indemnity insurance cover which meets standards approved by the Regulatory Board.
The nature and extent of the insurance or other indemnity need neither meet nor exceed current UK requirements but must be adequate and appropriate having particular regard to:
- The nature and extent of the risk incurred in local practice
- The local conditions in the jurisdiction in which the firm is practising
- The terms upon which insurance or other indemnity is available locally
- Any local requirements and legislation applicable in the jurisdiction relating to the purchase of such insurance.
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