Bermuda Bar (Insurance) Rules 2009
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BERMUDA
BERMUDA BAR (INSURANCE) RULES 2009
BR 69/2009
The Bar Council, in exercise of the powers conferred by sections
9, 13A(2), 13B(2) and 16B(2) of the Bermuda Bar Act 1974, makes the
following Rules:
Citation
1 These Rules may be cited as the Bermuda Bar (Insurance) Rules
2009.
Minimum requirements for individual barristers
2 The following are the minimum requirements for a policy of
professional liability insurance for an individual barrister under section
13A of the Act—
(a) the aggregate limit for coverage must be not less than
$1,000,000;
(b) any excess payable by the person insured must not
reduce the limit of liability under paragraph (a);
(c) the policy must provide coverage for liability for errors,
omissions and negligent acts arising out of the practice
of law by the barrister concerned; and
(d) the policy must contain a requirement that the
insurance company notify the Bar Council immediately
of any cancellation of the insurance coverage or of any
reduction of the insurance coverage below the limit
required under paragraph (a).
Minimum requirements for firms of barristers
3 The following are the minimum requirements for a policy of
professional liability insurance for a firm of barristers under section 13B
of the Act—
(a) the aggregate limit for coverage must be not less than
$1,500,000 for a firm with up to 3 barristers who are
BERMUDA BAR (INSURANCE) RULES 2 0 0 9
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partners or employees of the firm, and not less than
$2,000,000 for a firm having more than 3 barristers:
(b) any excess payable by the firm must not reduce the limit
of liability under paragraph (a);
(c) the policy must provide coverage for liability for errors,
omissions and negligent acts arising out of the practice
of law by the firm and by barristers who are partners or
employees of the firm; and
(d) the policy must contain a requirement that the
insurance company notify the Bar Council immediately
of any cancellation of the insurance coverage or of any
reduction of the insurance coverage below the limit
required under paragraph (a).
Minimum requirements for professional companies
4 The following are the minimum requirements for a policy of
professional liability insurance for a professional company under section
16B(1)(h) and (2) of the Act—
(a) the aggregate limit for coverage must be not less than
$1,500,000 for the first 5 barristers who are members or
employees of the company, and $1,000,000 for each unit
(or part of a unit) of 5 barristers after the first 5, up to a
maximum of $10,000,000 for a company having 50 or
more barristers;
(b) any excess payable by the company must not reduce the
limit of liability under paragraph (a);
(c) the policy must provide coverage for liability for errors,
omissions and negligent acts arising out of the practice
of law by the company and by barristers who are
members or employees of the company; and
(d) the policy must contain a requirement that the
insurance company notify the Bar Council immediately
of any cancellation of the insurance coverage or of any
reduction of the insurance coverage below the limit
required under paragraph (a).
Commencement
5 Paragraphs 2 and 3 of these Rules come into operation on
October 2, 2010.
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Made by the Bar Council this 19th day of October, 2009
_________________________________________________
President
_________________________________________________
Secretary
Confirmed by the Chief Justice this 21st day of October, 2009
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Chief Justice