Professional practice updates 2015

Professional Practice Updates November 2015

Letters of Obligation and Advance Notices

Our Guidance on Letters of Obligation and Advance Notices states inter alia:-

“c) How will the Master Policy cover for letters of obligation be affected after the designated day?

For the rest of the insurance year Nov 2014 to Oct 2015, there will be no change to the Master Policy regarding the grant of letters of obligation. Once practice develops under the 2012 Act, the position may be reviewed at renewal of the Master Policy in 2015.”

Marsh have confirmed that the position stated above regarding the Master Policy will continue after October 2015 for the time being, in respect of letters of obligation in the classic form.