Master Policy
The Master Policy is the compulsory Professional Indemnity Insurance which covers all Scottish solicitors working in private practice. Claims are handled by the Master Policy insurers and the insurance provides cover of up to £2 million for any one claim.
The Scottish Solicitors' Guarantee Fund protects those who have lost money because of the dishonesty of a solicitor or a member of their staff. It is a fund of last resort, which means it can only compensate those who have exhausted all other options, such as suing the solicitor for professional negligence. Payments are discretionary and all legal firms in Scotland contribute annually to the fund.
The SLCC has the authority to oversee and monitor the Master Policy and Guarantee Fund under the Legal Profession and Legal Aid (Scotland) Act 2007.
Following a comprehensive tendering process, the SLCC appointed Professor Frank Stephens and Dr Angela Melville of Manchester University School of Law to undertake research into the Master Policy and Guarantee Fund. The researchers invited members of the public to contribute their views and their independent report was published on 13 July 2009.
You can read the research here: 
Research Report July 2009
