Risk Transfer Agreement
If you are paying for your policies on monthly account, you will be holding clients’ money until payment is due to us. The arrangement we have with our insurer, Liberty Legal Indemnities, offers you protection as outlined below.
Countrywide Legal Indemnities (CLI) acknowledges and agrees that, where a solicitor is receiving, holding and paying money, they do so as the agent of, and on behalf of, CLI and the insurer, Liberty Legal Indemnities, in accordance with the Risk Transfer Agreement, on the provision that:
- such permission is only in respect of legal indemnity insurance
- such permission to act on behalf of the insurer with regard to money does not override the solicitor’s duty to place the interests of their client before all other considerations, or override any legal or regulatory requirements (whether obligatory or advisory) which may apply to them or CLI
- the solicitor acts as the agent of their client except in relation to the handling of such money on behalf of the insurer
- the solicitor does not delegate such permission to any other person and/or entity
- payment of any monies held by the solicitor is only to or from CLI and in accordance with the instructions of CLI or the insurer.