The SMDF is a non-profit making mutual fund which was set up and run by solicitors for solicitors to provide professional indemnity cover at competitive rates. The SMDF’s objective was to bring stability into the PI market and reduce the cost of cover for solicitors. These aims were achieved successfully over a number of years, until a huge increase in the number and size of claims forced the SMDF to seek the financial assistance of the Law Society to run off its outstanding claims in an orderly manner, so as to ensure that its members and the public were not left exposed to uninsured losses.