A solicitor's professional indemnity policy does not respond to liability arising from an entrepreneurial or management venture merely because the solicitor described himself as acting 'as Solicitor' in the relevant agreement. The determination of whether a solicitor was acting in a professional or entrepreneurial capacity requires cumulative assessment of all circumstances, including the absence of a pre-existing solicitor-client relationship, the nature of the fee arrangement, whether funds were held in trust accounts, and whether the legal services component was peripheral to the central purpose of the agreement. The obligation in an investment management agreement to ensure security for investment funds applies from the time funds come under the manager's control, not only at the point of transfer into an identified investment program.
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