02
CAP. 159] Solicitors (Professional Indemnity)
(Amendment) Rules
[1986 Ed.
[Subsidiary]
(i) any company which accepts monies for investment other than as a trustee; and
(ii) any income derived by any company within this sub-paragraph (b) for services rendered to the Insured's Practice or to any other company within this sub-paragraph (b) where and to the extent that such income is included in the Gross Fee Income of the Insured's Practice or of such other company as aforesaid.
"Insurance Year" means a period commencing on 1 October in any year and ending on 30 September in the following year.
"Insured" means the Firm, or any Principal in the Firm, any person employed in connection with the Practice (including any assistant solicitor, any solicitor who is a consultant in the Firm, and any articled clerk) any solicitors who have ceased by reason of death, retirement or otherwise to practise as Principals in the Firm and former employees employed in or in connection with the Practice (including former assistant solicitors, consultants and articled clerks as aforesaid) and the estate and/or the legal representatives of any of the foregoing, and also including any service administrative or nominee company or trust insofar as its activities are carried out in connection with the Practice, to the intent that each of the foregoing shall be severally insured.
"Master Policies" means the two professional indemnity insurance policies to be entered into between the Society and Authorized Insurers effective on the 1 October 1986 and “Master Policy" means any one of such Master Policies.
"Panel Solicitor" means a firm of solicitors appointed by the Council in consultation with Authorized Insurers to act on behalf of an Insured in respect of any claim against the Insured covered under the Professional Indemnity Insurance Scheme.
"Period of Insurance" means the period specified in the Schedule to the Certificate of Insurance issued from time to time.
"Practice" means the business of practising as a solicitor (including the acceptance of obligations connected with and incidental to such practice as Trustee, Executor, Attorney-under-Power, Tax Agent, Patent Agent, Trade-Mark Agent Company Secretary or Company Director) undertaken by the Insured or its predecessors in business alone or with others, provided always that wherever any fees or other income accrue therefrom they insure to the benefit of that business.
"Principal" means a partner or sole practitioner and shall also include any solicitor held out as a Principal.
"Professional Indemnity Insurance Scheme" means the professional indemnity scheme, to take effect from 1 October 1986, whereby solicitors in private practice in Hong Kong are required to be covered by professional indemnity insurance the principal