Successor practice Clause Samples

Successor practice. ‘double insurance’

Successor practice. Successor Practice means a practice identified in this definition as ‘B’, where - (a) ‘A’ is the practice to which B succeeds; and (b) ‘A’s owner’ is the owner of A immediately prior to transition; and (c) ‘B’s owner’ is the owner of B immediately following transition; and (d) ‘transition’ means merger, acquisition, absorption or other transition which results in A no longer being carried on as a discrete legal practice. B is a Successor Practice to A where - (i) B is or was held out, expressly or by implication, by B’s owner as being the successor of A or as incorporating A, whether such holding out is contained in notepaper, business cards, form of electronic communications, publications, promotional material or otherwise, or is contained in any statement or declaration by B’s owner to any regulatory or taxation authority; and/or (ii) (where A’s owner was a sole practitioner and the transition occurred on or before 31 August 2000) - the sole practitioner is a Principal of B’s owner; and/or (iii) (where A’s owner was a sole practitioner and the transition occurred on or after 1 September 2000) - the sole practitioner is a Principal or Employee of B’s owner; and/or (iv) (where A’s owner was a Recognised Body) - that body is a Principal of B’s owner; and/or (v) (where A’s owner was a Partnership) - the majority of the Principals of A’s owner have become Principals of B’s owner; and/or (vi) (where A’s owner was a Partnership and the majority of Principals of A’s owner did not become Principals of the owner of another legal practice as a result of the transition) - one or more of the Principals of A’s owner have become Principals of B’s owner and - (A) B is carried on under the same name as A or a name which substantially incorporates the name of A (or a substantial part of the name of A); and/or (B) B is carried on from the same premises as A; and/or (C) the owner of B acquired the goodwill and/or assets of A; and/or (D) the owner of B assumed the liabilities of A; and/or (E) the majority of staff employed by A’s owner became employees of B’s owner. Notwithstanding the foregoing, B is not a Successor Practice to A under paragraph (ii), (iii), (iv) (v) or (vi) if another practice is or was held out by the owner of that other practice as the successor of A or as incorporating A, provided that there is insurance complying with these minimum terms and conditions in relation to that other practice.

Successor practice. The insurance must indemnify each insured against civil liability to the extent that it arises from private legal practice in connection with a successor practice to the insured firm’s practice (where succession is as a result of one or more separate mergers, acquisitions, absorptions or other transitions), provided that a claim in respect of such liability is first made against an insured: (a) during the period of insurance; or (b) during or after the period of insurance and arising from circumstances first notified to the insurer during the period of insurance unless run-off cover is provided in accordance with clause 5.6.

Successor practice. The insurance must indemnify each Insured against civil liability to the extent that it arises from Private Legal Practice in connection with a Successor Practice to the Firm’s Practice (where succession is as a result of one or more separate mergers, acquisitions, absorptions or other transitions), provided that a Claim in respect of such liability is first made against an Insured: (a) during the Period of Insurance; or (b) during or after the Period of Insurance and arising from Circumstances first notified to the Insurer during the Period of Insurance.

Successor practice. Successor practice means a practice that satisfies any one or more of the following conditions in relation to another practice (such other practice being a prior practice for these purposes): a) it is held out as being a successor to the practice or part thereof of the prior practice by whatever means such holding out occurs; or b) it is conducted by a partnership that has a majority of principals that are identical to those persons that were principals of any partnership that conducted the prior practice; or c) it is conducted by a sole practitioner who was the sole practitioner conducting the d) it is conducted by a sole practitioner who was one of the principals conducting the e) it is conducted by a partnership in which the sole practitioner conducting the prior practice is a partner and where no other person has been held out as a successor to the prior practice; or f) the partnership which, or sole practitioner who, conducts the practice has assumed the liabilities of the prior practice; but notwithstanding the foregoing a practice shall not be treated as a successor practice for the purposes of this policy under paragraphs 5.50 b), c), d), e) or (f) of this definition if another practice is or was held out by the owner of that other practice as the successor practice.

Successor practice. The insurer agrees to indemnify the insured against civil liability to the extent that it arises from private legal services in connection with a successor practice to the firm's practice provided that: a) a claim in respect of such liability is: i) first made against an insured during the period of insurance; and ii) notified to the insurer during the period of insurance or within three (3) working days immediately following the end of the period of insurance; or b) a claim in respect of such liability is first made during or after the period of insurance and: i) arises from circumstances first notified to the insurer during the period of insurance; or ii) arises from circumstances first notified to the insurer within three (3) working days immediately following the end of the period of insurance provided that the insured was aware of such circumstances during the period of insurance. c) For the purposes of the cover contemplated in this clause, the insurance includes: i) each partnership or sole practitioner who carried on the prior practice; ii) each trustee, nominee, service or administration company owned by the persons referred to in paragraph i) from time to time; iii) each director or officer of any such company as is referred to in paragraph ii) above from time to time; iv) each principal and former principal of any partnership referred to in paragraph i); v) each employee and former employee of any partnership or sole practitioner or company referred to in paragraph i) and ii); and vi) the estate or legal personal representatives of any person referred to in this clause who is deceased or legally incapacitated.