[Subsidiary]
CAP. 159] Solicitors (Professional Indemnity)
(Amendment) Rules
[1986 Ed.
4.
(viii) if claims so paid exceed 600% of the total amount of premiums paid in the four years preceding the Period of Insurance but do not exceed 700% of premiums so paid, a factor of 2.43 shall be applied to the premium;
(ix) if claims so paid exceed 700% of the total amount of premiums paid in the four years preceding the Period of Insurance but do not exceed 800% of the premiums so paid, a factor of 2.63 shall be applied to the premium;
(x) if claims so paid exceed 800% of the total amount of contributions paid in the four years preceding the Period of Insurance but do not exceed 900% of premiums so paid, a factor of 2.88 shall be applied to the premium;
(xi) if claims so paid exceed 900% of the total amount of premiums paid in the four years preceding the Period of Insurance but do not exceed 1000% of premiums so paid, a factor of 3.00 shall be applied to the premium;
(xii) if claims so paid exceed 1,000% of the total amount of premiums paid in the four years preceding the Period of Insurance, a factor of 3.50 shall be applied to the premium.
OTHER MAIN TERMS
(1) If the Insured shall prefer any claim knowing the same to be false or fraudulent as regards amount or otherwise the insurance shall become void only in respect of such fraudulent claim or that fraudulent part of an otherwise valid claim.
(2) (a) When an amount for which the Insured is not indemnified under the Master Policies is required by Authorized Insurers or their agent for payment into court or settlement or satisfaction of judgment on any claim, Authorized Insurers or their agent shall give notice in writing to the Insured requiring payment of such amount and each Principal in the Firm shall thereupon become severally liable to pay the same to Authorized Insurers.
(b) If such amount is not paid to Authorized Insurers within 14 days after service of such notice, Authorized Insurers may pay the same on behalf of the Insured and each Principal in the Firm shall thereupon become further liable to Authorized Insurers for interest on such amount from the date of payment of the same by Authorized Insurers at the same rate as allowed for a judgment debt from time to time under section 49 of the Supreme Court Ordinance, Chapter 4.
(3) For the purpose of calculating the Insured's loss any one claim, Related Costs shall be aggregated with the sum paid in respect of such claim and claimant's costs.
(4) All recoveries or payments recovered or received subsequent to a claim settlement shall be applied as if recovered or received prior to such settlement and all necessary adjustments shall then be made between the Insured and Authorized Insurers.
(5) Decisions by the Council
The decision of the Council shall be final and binding on all persons affected on any question arising as to:
(i) the maximum amount of Premium or Basic Premium payable for any Period of Insurance;
(ii) the number of Principals in a Practice at any date;
(iii) the number of Unqualified Staff in a Practice at any date;
(iv) the number of assistant solicitors and consultants in a Practice at any date;
(v) any information or other matter on the basis of which any adjustment in Premium is assessed in accordance with paragraph 3(1)(b)(iv) hereof;
(vi) the amount of any additional contribution to meet the amount of any deficit or anticipated deficit under paragraph 3(6) hereof;
(vii) the calculation of the amount of any claim paid and claims loading under paragraph 3(7) hereof and all matters which are to be included or excluded when establishing the amount of claims paid.