APPLICATION FOR DISCRETIONARY HIGHER CAP

I am a principal duly authorised for and on behalf of the law practice and its legal practitioners to make this application.

I declare that if the maximum amount of liability sought by my law practice and or legal practitioners is greater than $2 million, the law practice is covered by a professional indemnity insurance policy commensurate with the maximum amount of liability that applies, and this policy complies with the standards as determined by the Council, being the policy has at least one automatic reinstatement each year, covers all civil liability arising in connection with the practice, is retrospective for any event giving rise to a claim made during the insured period, extends to all employees of the practice or service entity and is a “claims made” policy.

I further declare that the contents of this application are true and correct.

Notify the Law Society of any subsequent change in the circumstances referred to in this application, that is relevant to the Law Society’s exercise of its discretionary authority, including any relevant changes in Professional Indemnity Insurance (PII) arrangements;

Apply, if appropriate, to the relevant occupational association in the other jurisdictions of which the participating Scheme members in the law practice are also members, for a higher maximum amount of liability that is consistent with the amount specified by the Law Society, where a scheme applies to the participating members of the law practice under Professional Standards Legislation of another State or Territory;

Provide the Law Society with a copy of the PII policy and Schedule of the policy, submitted in support of this application, immediately upon request by the Law Society;

Notify clients of any higher maximum amount of liability in the nature and manner specified in this application; and

Immediately advise the Law Society when a PII notification or claim approaches the law practice’s applicable monetary ceiling under the Scheme, and provide such further information as requested by the Council of the Law Society.

Authorise the Law Society of New South Wales, for the purposes of this application, to make relevant enquiry of the client(s) or other relevant person(s), to provide particulars of the application to other relevant person(s) or bodies including Law Societies in other States and Territories in which the applicant practises, and to record particulars of the applicant, details of the cases to which the exercise of the discretion is to apply, and any specified higher maximum amount of liability, on its database; and

Agree that any reasonable period of notice may be given to the law practice by the Law Society of a change to the higher maximum amount of liability where the Law Society, in its absolute discretion, determines that the period of notice is reasonable in the circumstances, including where the law practice cease/s to have the benefit of Professional Indemnity Insurance at an appropriate standard and level.