Rules

Britannia Risk Management provides risk management and advisory services to businesses. Our operations are primarily professional services based and do not involve manufacturing or high-risk labour supply chains.
  • The Mutual provides risk protection cover for its Members in order to off-set or reduce specific business risks faced by the Members. The types of cover provided may include the following

    • Asset Shield

    • Catastrophic Threat Cover

    • Continuity Care

    • Data Responsibility

    • Digital Shield

    • Governance Control and Leadership Liability

    • Governance Shield

    • Integrity Cover

    • Leadership Safeguard

    • Payment Assurance

    • Regulator Defence

    • Reputation Safeguard

    • Supply Continuity

    • Systems Resilience

    • Transaction Assurance

  • The types of cover provided by the Mutual are subject always to available resources. The Mutual shall not be obliged to provide any type of cover, and shall be entitled to modify, withdraw or alter any type of cover from time to time as it sees fit, in its sole and absolute discretion, upon notice to the Members.

  • Membership in the Mutual is open to any body corporate (identified as such on a public register) which, in the normal course of its business, has a genuine commercial need for the types of risk protection cover offered by the Mutual.

  • Membership is by way of application to the Mutual (in the prescribed form). The Mutual reserves the right to require a risk assessment undertaken by the Mutual as a condition to becoming a Member (or remaining a Member).

  • Approval for membership is a matter for the sole and absolute discretion of the Directors of the Mutual.

  • In the event that the application is successful and the applicant becomes a Member, the Directors, in their sole and absolute discretion, shall set the level of subscription to be paid by the Member. Such subscription shall not exceed 40% of the annual gross sales revenue of the Member’s business and is to be paid annually or, if agreed by the Mutual, in periodic instalments.

  • The annual subscriptions to be made by the Member and the particular cover provided to the Member and a general description of such cover will be set forth in a “Schedule of Cover”, a copy of which shall be issued to the Member.

  • Cover will be provided to the Member in accordance with the Schedule of Cover and in accordance with the terms set forth in these Rules.

  • The Mutual shall establish and maintain a pool, or separate monies (the “Pool”). The Pool shall comprise Member subscriptions and investment returns on those subscriptions.
  • The Pool shall be managed by the Directors. The Directors shall hold, manage, lend and invest all or part of the Pool for profit as they see fit (the “Investment Services”). Such Investment Services shall aim to earn a reasonable return on monies in the Pool from time to time for the benefit of the Members, but no particular investment return is guaranteed.
  • At their discretion, the Directors may retain a management company (the “Managers”) to perform the Investment Services, to manage the Pool, and to administer and pay claims (as to which see below). The Directors shall pay the Managers reasonable fees and expenses, as determined by the Directors, on terms agreed between the Directors and the Managers (the “Management Fees”). The Mutual will also incur from time to time necessary and reasonable expenses in order to provide the types of cover, Investment Services, administer the Pool and manage Claims, as determined by the Directors (the “Expenses”). The Management Fees shall be paid from the Pool and the Expenses shall be reimbursed from the Pool, upon demand.
  • In the event of a loss covered by any cover to which the Member has subscribed, the Member may submit a claim to the Mutual (in the prescribed form) (a “Claim”) and such Claim will be considered by the Directors (or the Managers) provided always that:
  • The Member has no outstanding subscriptions, including from previous years; and
  • The Claim is adequately supported by documents and evidence and that any specific information and/or documents requested by the Directors (or the Managers) when assessing the Claim have been provided.
  • The Mutual has an absolute discretion whether or not to pay a Claim and if so in what amount. Whether or not to pay a Claim, and whether or not to pay a Claim in whole or in part, shall be subject, at all times, to the absolute discretion of the Mutual (and the Directors and the Managers acting for the Mutual).
  • In the consideration of any Claim, the Directors and/or the Managers shall ensure that a Member is treated fairly but they will also take account of the interests of all of the Members and of the Mutual generally and they shall be entitled to make payment to a Member, or not, as they see fit. The usual approach of the Directors (and the Managers) will be, in any event, not to pay more than the Member’s total available accumulated annual subscriptions paid by the Member during the current year, net of a reasonable proportion of the Management Fees and Expenses.
  • The Mutual may require the Member to subrogate to it any claim or rights it has against a third party as a condition of payment of a Claim.

  • The Directors may, but are not required to, return to a Member all or part of its paid subscriptions and may, but shall not be required to, pay to a Member a pro rata share of any Investment Return or proportion thereof. In the case of subscriptions, where a Member has made no Claim for five (5) consecutive years, the Member may request repayment to it of all or part of its paid subscriptions, net of a reasonable proportion of the Management Fees and Expenses (such to be assessed by the Directors and/or the Managers in their sole and absolute discretion).

  • A Member shall cease to be a Member:
    • Forthwith upon written notice from the Mutual if, in the determination of the Mutual, a Claim is made by the Member fraudulently;
    • Forthwith upon written notice from the Mutual if the Member acts in a manner contrary to the interests of the Members and/or the Mutual;
    • If, in the sole discretion of the Directors, the Member has or will bring the reputation of the Mutual and/or the membership into disrepute, forthwith upon written notice from the Mutual;
    • If the Member’s risk assessment as determined by the Directors materially changes, forthwith upon written notice from the Mutual; or
    • 30 days after receipt by the Mutual of written notification from the Member that it wishes to cease being a Member, such notice deemed to have been received three (3) days after the date upon which it was sent by post or by email to the Mutual.