The Legal Practitioners Fidelity Fund (LPFF), as permitted by Section 77 of the Legal Practice Act, has contracted with the Insurer to provide professional indemnity insurance to the Insured, in a sustainable manner and with due regard for the interests of the public by:
- protecting the integrity, esteem, status and assets of the Insured and the legal profession;
- protecting the public against indemnifiable and provable losses arising out of Legal Services provided by the Insured, on the basis set out in the policy.”
Currently, the LPIIF is funded by way of a single annual premium paid by the LPFF for and on behalf of all practising practitioners. Members of the legal profession must, however, take note that the LPIIF funding model will be changing in the near future and practitioners will be called upon to make a contribution to the premium funding paid by the LPFF to the LPIIF. Joint communication in this regard will be distributed by the Legal Practice Council, the LPFF and the LPIIF in due course.
The board of directors of the LPIIF is appointed by the LPFF. The LPIIF board is constituted by directors with a wide variety of educational and work backgrounds, including legal, insurance, finance and general business.