Griffin in Outline
The policy of the Association towards the admission of new Members is to be
selective. The concept of mutual insurance is
founded on continuity and stability and the intention is to achieve gradual
growth while preserving the best interests of the Association and
its Members.
The Griffin indemnifies its Members in respect of liabilities arising from
a breach of a professional duty of care as a result of broking business,
together with associated legal costs and expenses. Cover is available
for up to £20
million in the aggregate per annum. The scope of cover is regularly reviewed
to ensure that it continues to suit the
commercial and regulatory needs of the Members.
The impact of volatility as a result of large claims is reduced
by means of a reinsurance programme backed by leading international reinsurance
companies and by underwriters at Lloyd's.
Each Member firm has the right to nominate one of its directors or partners
to sit on the Association's Committee. The Committee members are the Directors
of the company for the purposes of the Companies Act. The Committee meets
twice a year to decide matters of general policy. All aspects
of day-to-day management are delegated to the Managers.
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