12 Nov 2018
PI policy cannot be ceded to third party
By Janice Roberts
By Patrick Bracher, Norton Rose Fulbright. The professional indemnity policy issued by the Attorneys Insurance Indemnity Fund is incapable of cession to a third party. A purported cession to the client of a law firm who had lost misappropriated trust funds was declared invalid by the Supreme Court of Appeal.Contracts can be ceded to third parties if...
