ARP Policy definition

ARP Policy means a contract of professional indemnity insurance issued by the ARP Manager on behalf of Qualifying Insurers to an ARP Firm, in the form set out in Schedule 3 or as may be prescribed by the Law Society from time to time
View Source

Examples of ARP Policy in a sentence

  • If cover is provided through the ARP jointly with other Qualifying Insurers on an excess of loss basis, and the ARP is writing one of the excess layers, the terms of the ARP Policy shall be as set out in Part 1 of Schedule 2, but subject to the following terms: 1 Clause 3 shall not apply in relation to the excess layer.

  • The insurance (except in the case of an ARP Policy) must provide that, if the ARP Manager is appointed to conduct any Claim, each Insured will give the ARP Manager and any investigators or solicitors appointed by it all information and documents they reasonably require, and full co- operation and assistance in the investigation, defence, settlement, avoidance or reduction of any actual or possible Claim or any related proceeding.

  • At any time during the Period of Default a Firm in Default is entitled to be admitted to the Assigned Risks Pool and to be issued with an ARP Policy in accordance with Rule 13.2, subject to the provisions of this Rule 13.

  • If a Firm is issued with an ARP Run-off Policy, run-off cover shall be provided through the ARP, which shall indemnify each Insured in accordance with clauses 1.1 to 1.8 of the ARP Policy set out in Part 1 of Schedule 3, (but subject to the limits, exclusions and conditions of the ARP Policy).

  • Commentary: A copy of the standard-form ARP Policy is available on the website of the Solicitors Regulation Authority at ▇▇▇.▇▇▇.▇▇▇.▇▇ and is also available from the Solicitors Regulation Authority.

  • 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, no return premium shall be payable to that Firm in respect of that ARP Policy.

  • A Run-off Firm will be eligible to be issued with an ARP Policy if it meets all of the requirements of Rule 13.

  • 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, no return premium shall be payable to that Insured Firm in respect of that ARP Policy.

  • A Run-off Firm will be eligible to be issued with an ARP Policy if it meets all of the requirements of Rule 13.4. However, each Principal of the Firm will have committed a disciplinary offence for failing to make an application to the Assigned Risks Pool for run- off cover in accordance with Rule 5.2, and the Firm and each Principal of the Firm will be required to pay the ARP Run-off Premium under any ARP Run-off Policy issued.

  • 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.

Related to ARP Policy

  • Group Policy /”policy” means the breakdown policy as set out in this document;

  • R&W Policy means the buyer-side representation and warranty insurance policy as may be issued to Purchaser in connection with this Agreement.

  • RWI Policy has the meaning set forth in Section 6.16.

  • CSR Policy means a statement containing the approach and direction given by the board of a company, taking into account the recommendations of its CSR Committee, and includes guiding principles for selection, implementation and monitoring of activities as well as formulation of the annual action plan;

  • SAP Policies means the operational guidelines and policies applied by SAP to provide and support the Cloud Service as incorporated in an Order Form.