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LTT/NRST changes mandatory as of today; Get answers to common questions
The recent changes to the Land Transfer Tax and the new Non-Resident Speculation Tax (NRST) are mandatory starting today: May 8, 2017. To help real estate lawyers take steps to comply with these changes, LAWPRO has assembled a list of answers to the questions we are hearing most frequently (FAQs) from Ontario lawyers on our… Read More »
Categories: AlertsWeaving solutions to complex problems
Each thread in a fabric makes the others stronger and in the fabric that is LawPRO, each employee is a vital strand that strengthens the weave. Our customer service department guides underwriting and applications, our claims department works to contain the standard of care and defend our insureds, our information services protect your data, and… Read More »
Categories: 2017 May - 2016 Annual Review, Articles, EditorialsFinancial results explained
Net premiums: $115.8 million LawPRO net earned premiums in 2016 were $115.8 million. Premiums from the mandatory insurance program were lower than in 2015, though still higher than budgeted. The E&O Fund did not make a premium contribution to LawPRO in 2016 as it did in 2015. And although the number of practising lawyer full-time-equivalents… Read More »
Categories: 2017 May - 2016 Annual Review, Articles, Year in ReviewE&O Program: Claims report
Administrative dismissal of actions: Was 2016 the calm before the storm? Claims trends in 2016 seemed to follow now-familiar patterns – certain types of claims increased, others abated, and overall claims costs continue to hover around the $100 million mark. However, in the final months of the year, LawPRO claims personnel saw an increase in… Read More »
Categories: 2017 May - 2016 Annual Review, Articles, Year in ReviewCoverage: Premium remains stable in 2016
The year 2016 marked the sixth year in which most insured lawyers paid a base premium of $3,350 for their professional indemnity insurance. As rents and property values continue to climb, and as technology becomes obsolete at an ever-increasing rate, we were proud to be among the few practice expenses NOT growing in 2016. LawPRO… Read More »
Categories: 2017 May - 2016 Annual Review, Articles, Errors & Omissions, Year in ReviewAnswering your complex coverage questions
LawPRO’s Underwriting & Customer Service (UCS) Department handles applications and renewals for the primary professional indemnity insurance program, which provided coverage to over 26,000 lawyers in 2016. New accounts are established as lawyers are first licensed, existing accounts are amended as lawyers change practice setting or type, and all accounts are renewed each fall. For… Read More »
Categories: 2017 May - 2016 Annual Review, Articles, Errors & OmissionsRepairing errors to head off claims
Timely efforts by LawPRO to “repair” errors committed by lawyers save the Ontario bar millions of dollars every year. To preserve these repair opportunities, lawyers should contact us as soon as it becomes clear that a mistake may have been made on a file. LawPRO successfully argues for rectification of a will provision A multi-million… Read More »
Categories: 2017 May - 2016 Annual Review, Articles, Civil Litigation, Errors & Omissions, Wills & Estates, Year in ReviewStanding up for lawyers
The great majority of claims reported to LawPRO are either abandoned, settled, or resolved through mediation or arbitration. But if we hope to preserve reasonable and fair limits on the scope of lawyers’ responsibilities, we must occasionally go to court. Our litigation track record is proof of our sound judgment about when to go to… Read More »
Categories: 2017 May - 2016 Annual Review, Articles, Year in ReviewAre individuals acting as general counsel to their law firms required to have LAWPRO insurance?
While general counsel have been commonplace in corporate settings for years, it is now becoming more common for law firms to have someone working in a “general counsel” capacity. There is a wide variety in the types of work done by law firm general counsel. Among other things, it can involve advice on human resources… Read More »
Categories: 2017 May - 2016 Annual Review, Articles, FAQs, LAWPRO policyLet’s celebrate! The TitlePLUS program’s 20th anniversary
As the TitlePLUS program celebrates its 20th Anniversary, we pause to reflect on the past while looking forward to a strong and exciting future. From its inception, the TitlePLUS program has always been about more than just title insurance – it addresses the changing realities facing real estate lawyers and consumers and seeks to find… Read More »
Categories: 2017 May - 2016 Annual Review, Articles, TitlePLUS