63 / 298
GAZETTE
APRIL 1981
LAW SEARCHERS'
PROFESSIONAL
INDEMNITY
INSURANCE
The inflationary increase during the past few years in
the sheer volume of money involved in conveyancing
transactions led the Dublin Solicitors' Bar Association to
take upon itself an enquiry into the position of the pro-
fessional Law Searchers upon whom the majority of the
solicitors' profession so heavily relies. The Association
was concerned to find that, although some Law Searchers
had taken out cover up to £100,000 for any one claim,
the majority had no cover whatever.
The Association then considered the desirable mini-
mum cover which Law Searchers should maintain and
decided, in February 1978, that this should be £250,000
for any one claim.
It is inevitably difficult to introduce a completely new
concept into a well-established field of practice and, not
unnaturally, the Association encountered some opposi-
tion to its proposal. It is only fair to record that all Law
Searchers were agreed that professional indemnity cover
should be carried and discussion continued merely as to
quantum.
The Association is very pleased to be able to report
that it believes that all the major Law Searchers practic-
ing in the Dublin area have taken out professional in-
dennity cover for £250,000 and there is set out below a
list of Law Searchers who have notified the Association
that they are so covered. Some of the information
collected by the Association is, by now, more than one
year old, so there is always a theoretical possibility that
the cover of some one or more Law Searchers may have
lapsed or been discontinued. The Association has no
reason to doubt the bona fides of any Law Searcher but
suggests that from time to time practitioners might, for
the record, seek an assurance from their customary Law
Searchers that their professional indemnity cover is still in
force.
With the passage of time, the value of cover as high as
£250,000 will have been eroded by inflation and the
Association will in due course take up with the Law
Searchers the question of increased cover.
Law Searchers who have notified the Dublin Solicitors'
Bar Association that they have arranged Professional
Indemnity Cover for not less than £250,000:-
Brady & Company.
Charles Brennan & Son.
Sean Cuddihy (with whom Eamon Quinlan is practising).
Ellis and Ellis.
Gardiner Mooney & Company.
Inter Company Comparisons Ltd.
O'Halloran Menton.
Eamon Quinlan (with Sean Cuddihy).
Mrs. Ethel Roche.
John M. Tighe & Son.
SOLICITORS'
BENEVOLENT
ASSOCIATION
The Annual General Meeting of the Solicitors' Benevolent
Association took place by kind permission at the Law
Society, Blackhall Place, on 26th March 1981 and in the
course of proposing the adoption of the Report and
Receipts and Expenditure Accounts for the year ended
30th November 1980, the Chairman, Mr. Eunan
McCarron welcomed solicitors from Northern Ireland
who were present. He thanked the Incorporated Law
Society for their co-operation in collecting subscriptions
for the Association but he pointed out that while some
years ago almost all the Bar Associations in Ireland were
subscribers, the Report disclosed now that subscriptions
had only been received from four Associations namely —
The County Tipperary/Offaly Bar Association, the
Dublin Solicitors' Bar Association, the Society of Young
Solicitors and the Belfast Solicitors Association. He drew
attention to the fact that over £2,000.00 had been
received as proceeds of a Soiree held in May of last year
and he again thanked the ladies committee for their
wonderful efforts in organising that function.
The Chairman stated that the financial sub-committee
had made quite substantial alterations in the portfolio
which would have the effect of increasing dividend income
as income was more important than ever when one
appreciated that the average annual grant exceeded
£500.00.
The adoption of the Report and the Accounts was
seconded by Mr. W. Brendan Allen, Senior Vice President
of the Law Society.
Receipts and Payments Account for the Year Ended 30th
November 1980
Dr.
Cr.
—
To Cash on Hands (30/11/79)
8,972
Annual Subscriptions
7,422
122
Life Subscriptions
160
1,325
Donations and Legacies
4,656
—
Rents Received
2,424
Refund of Income Tax
2,699
10,010
Dividends
10,610
—
Proceeds of May Soiree
2,061
3,171
Bank Overdraft (30/11/80)
1,104
2,500 By Bank Overdraft (30/1 1/79)
3,171
19,898
Grants
21,305
2,400
Annuities
2,500
195
Bank Interest and Charges
352
450
Secretary's Salary
800
80
Audit Fee
150
345
Printing, Stationery and Postage
181
124
Income Tax Recovery Fees
171
36
Ground Rent
72
Cash on Hands (30/1 1/80)
10
£28,712
£28,712
Having examined the books and vouchers of the Solicitors Benevolent
Association, I have prepared therefrom the foregoing Receipts and
Expenditure Account, which I certify to be correct.
28 South Frederick St.,
Joseph A. TaafTe.
Dublin 2.
Chartered Accountant
63