Suspended practices. Where run-off cover has been activated in accordance with this clause 5, but where the Firm’s Practice restarts, the Insurer may (but shall not be obliged to) cancel such run-off cover, on such terms as may be agreed, provided that:
(a) there is insurance complying with these minimum terms and conditions in relation to the Firm in force on the date of cancellation;
(b) the Qualifying Insurer providing such insurance confirms in writing to the Firm and the Insurer (if different) that:
(i) it is providing insurance complying with these minimum terms and conditions in relation to that Firm for the then current Indemnity Period; and
(ii) it is doing so on the basis that the Firm’s Practice is regarded as being a continuation of the Firm’s Practice prior to Cessation and that accordingly it is liable for Claims against the Firm arising from incidents, occurrences, facts, matters, acts and/or omissions which occurred prior to Cessation.
Suspended practices. The insurance must provide that, where run-off cover has been activated in accordance with this clause 5, but where the insured firm’s practice restarts, the insurer may (but shall not be obliged to) cancel such run-off cover, on such terms as may be agreed, provided that:
(a) there is insurance complying with these MTC in relation to that insured firm in force on the date of cancellation;
(b) the qualifying insurer providing such insurance confirms in writing to the insured firm and the insurer (if different) that:
(i) it is providing insurance complying with these MTC in relation to that insured firm for the then current indemnity period; and
(ii) it is doing so on the basis that the insured firm’s practice is regarded as being a continuation of the insured firm’s practice prior to cessation and that accordingly it is liable for claims against the insured firm arising from incidents, occurrences, facts, matters, acts and/or omissions which occurred prior to cessation.
Suspended practices. If: an insured firm ceases to carry on a practice during the course of any indemnity period in circumstances where the ARP is required to provide run-off cover in respect of that insured firm under the terms of an ARP policy issued to that insured firm; and that insured firm‟s practice subsequently restarts; and the ARP manager agrees to cancel such run-off cover the insured firm shall be entitled to such reimbursement of premium (if any), as the ARP manager considers appropriate. If, in addition, the ARP manager agrees to provide continuing cover in accordance with paragraph 5.4(b)(ii) of the MTC, the insured firm and every principal of that insured firm (including, for these purposes, every person held out as a partner of a sole practitioner) shall be liable to pay such additional premium (if any) as the ARP manager considers appropriate.
Suspended practices. If: • a Firm ceases to carry on a Practice during the course of any Indemnity Period in circumstances where the Assigned Risks Pool is required to provide run-off cover in respect of that Firm under the terms of an ARP Policy issued to that Firm; and • that Firm’s Practice subsequently restarts; and • the ARP Manager agrees to cancel such run-off cover the Firm shall be entitled to such reimbursement of premium (if any), as the ARP Manager considers appropriate. If, in addition, the ARP Manager agrees to provide continuing cover in accordance with paragraph 5.4(b)(ii) of the Minimum Terms and Conditions, the Firm shall be liable to pay such additional premium (if any) as the ARP Manager considers appropriate.
Suspended practices. If: • an Insured Firm ceases to carry on a Practice during the course of any Indemnity Period in circumstances where the Assigned Risks Pool is required to provide run-off cover in respect of that Insured Firm under the terms of an ARP Policy issued to that Insured Firm; and • that Insured Firm’s Practice subsequently restarts; and • the ARP Manager agrees to cancel such run-off cover the Insured Firm shall be entitled to such reimbursement of premium (if any), as the ARP Manager considers appropriate. If, in addition, the ARP Manager agrees to provide continuing cover in accordance with paragraph 5.4(b)(ii) of the Minimum Terms and Conditions, the Insured Firm and every Principal of that Insured Firm (including, for these purposes, every person held out as a partner of a Sole Practitioner) shall be liable to pay such additional premium (if any) as the ARP Manager considers appropriate.
Suspended practices. The insurance must provide that, where run-off cover has been activated in accordance with this clause 5, but where the Insured Firm’s Practice restarts, the Insurer may (but shall not be obliged to) cancel such run-off cover, on such terms as may be agreed, provided that:
(a) there is insurance complying with these minimum terms and conditions in relation to that Insured Firm in force on the date of cancellation;
(b) the Qualifying Insurer providing such insurance confirms in writing to the Insured Firm and the Insurer (if different) that:
(i) it is providing insurance complying with these minimum terms and conditions in relation to that Insured Firm for the then current Indemnity Period; and
(ii) it is doing so on the basis that the Insured Firm’s Practice is regarded as being a continuation of the Insured Firm’s Practice prior to Cessation and that accordingly it is liable for Claims against the Insured Firm arising from incidents, occurrences, facts, matters, acts and/or omissions which occurred prior to Cessation.
Suspended practices. If: • a firm ceases to carry on a practice during the course of any indemnity period in circumstances where the assigned risks pool is required to provide run-off cover in respect of that firm under the terms of an assigned risks pool policy issued to that firm; and • that firm’s practice subsequently restarts; and • the assigned risks pool manager agrees to cancel such run-off cover the firm shall be entitled to such reimbursement of premium (if any), as the assigned risks pool manager considers appropriate. If, in addition, the assigned risks pool manager agrees to provide continuing cover in accordance with paragraph 5.4(b)(ii) of the Minimum Terms and Conditions, the firm shall be liable to pay such additional premium (if any) as the assigned risks pool manager considers appropriate. The Self-Insured excess for each and every claim shall be calculated by multiplying the relevant number of principals by £4,500, subject to a maximum of £225,000 each claim. The relevant number of principals, is the number of principals as at the inception date of the policy. The assigned risks pool default premium shall be an amount equal to the assigned risks pool premium calculated in accordance with Part 1 above, plus an additional default charge of 20% of the amount concerned. The assigned risks pool run-off premium shall be an amount equal to A + B – C, where: A = The amount that would have been payable as the assigned risks pool default premium calculated in accordance with Part 2 above in relation to each indemnity period in which the firm has failed to obtain qualifying insurance prior to it becoming a run-off firm (including the indemnity period in which it ceased to practise) B = A further amount equal to that which would have been payable as the assigned risks pool default premium calculated in accordance with Part 2 above in relation to the indemnity period during which the firm ceased to practise Discharging the functions of the following offices:-
Suspended practices. The insurance must provide that, where run-off cover has been activated in accordance with this clause 5, but where the insured firm’s practice restarts, the insurer may (but shall not be obliged to) cancel such run-off cover, on such terms as may be agreed, provided that:
