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 £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.
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 Association's Board comprises 12 Directors, 9 of whom are drawn from the membership. Members of the Board are subject to retirement by rotation and each Member firm is entitled to nominate one senior manager or director for appointment to the Board. The Board meets four times a year to decide matters of general policy. All aspects of day-to-day management are delegated to the Managers.
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