Griffin in Outline

Entry
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.

Cover
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 £25 million in the aggregate per annum limited to £20 million any one claim. The scope of cover is regularly reviewed to ensure that it continues to suit the commercial and regulatory needs of the Members.

Reinsurance
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.

The Directors
Each Member firm has the right to nominate one of its directors 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.