Category: LAWPRO Magazine
2016: Base premium holds steady; REPCO reduced
Insurance program enters third decade on strong, positive footing Quick summary: base premium for 2016: $3,350 (unchanged since 2011) Real Estate Practice Coverage Option (REPCO) $100 for 2016 (down from $250) Run-off coverage now stands behind mentoring efforts of exempt lawyers LAWPRO coverage for paralegal shareholders in combined licensee (incorporated) firms Base premium stable The… Read More »
Categories: 2015 September - Insurance Issue 2016, Articles, Errors & OmissionsREPCO reduction reflects commitment to risk-rating
Real estate and civil litigation continue to be the areas of practice with the highest claims, both in terms of count and cost. However, real estate claims based on the registration of fraudulent instruments under the Land Titles Act where the claim would otherwise be excluded from coverage due to the dishonesty of the insured… Read More »
Categories: 2015 September - Insurance Issue 2016, Articles, Errors & Omissions, LAWPRO policy, Real EstateGet proof of coverage with a click of your mouse
Have you been asked to provide a Certificate of Insurance to a client, a law society, or anyone else? You can now request and print an individual or a firm-wide Certificate of Insurance via the My LAWPRO online portal. While in many cases the Declarations Page of your insurance coverage confirmation will suffice as proof… Read More »
Categories: 2015 September - Insurance Issue 2016, Articles, Errors & Omissions, LAWPRO policyStop. Look. Listen.
The phrase, “Stop. Look. Listen.” was a slogan used to help people remember to stay alert while crossing railroad tracks before the invention of mechanical gates and flashing lights. It’s also a great way to remind oneself to be both prudent and responsive. Listening is a key skill for any professional and one we take… Read More »
Categories: 2015 May - Review of 2014, Articles, Editorials2014 financial results explained
Net premiums: $114.9 million Net LAWPRO revenues in 2014 were $114.9 million, almost exactly as budgeted. Premiums from the mandatory insurance program were $8.4 million higher than in 2013. Net claims: $99.6 million Incurred claims and adjustment expenses for 2014 increased by $2.9 million compared to 2013. However, they were lower than the $105.3 million… Read More »
Categories: 2015 May - Review of 2014, Articles, Year in Review2014 claims report
Currently projected claims costs for 2014 hover around $109 million with subtle shifts seen in cause of loss. Claims report As details of the claims picture for 2014 come into focus, it appears that claims costs (including internal claims handling expenses) are on trend around the $109 million mark. The rate of claims per 1,000… Read More »
Categories: 2015 May - Review of 2014, Articles, Year in ReviewAdvocating for lawyers while controlling claims costs
LAWPRO has managed, in each year of the last decade, to close over 40 per cent of claims without payment of defence or indemnity costs. Traditionally, another 40 per cent or so of claims generate defence costs only. This means that an indemnity is paid, on average, in just one out of every six claims… Read More »
Categories: 2015 May - Review of 2014, Articles, Year in ReviewLAWPRO evolves in step with the profession
2014 marked the fourth year that LAwPRO’s base premium held steady at $3,350, but the terms of the policy have evolved continually since it was first introduced. As lawyers change the way they practise law, LAwPRO has taken steps to ensure that coverage remains relevant and responsive. To facilitate geographical mobility, LAwPRO introduced co-ordinated coverage… Read More »
Categories: 2015 May - Review of 2014, Articles, Year in ReviewTwo way communication for better customer service
In 2014, LAwPRO provided E&O coverage to Ontario’s nearly 25,000 lawyers in private practice, and to those paralegals who chose to practise in partnership with them. Lawyers’ professional indemnity insurance is complex and sophisticated coverage. To ensure that lawyers have the coverage they need and that is right for them, LAwPRO’s Underwriting and Customer Service… Read More »
Categories: 2015 May - Review of 2014, Articles, Year in ReviewLAWPRO defends lawyers: Opposing inappropriate expansion of lawyer’s scope of responsibility
Advising clients of their rights on a legal matter is a significant responsibility and lawyers have a duty to discharge it with competence and care. But when defending a negligence claim where clients seek to hold lawyers accountable for the unfavourable results of their own business or strategic decisions, LAwPRO’s defence counsel don’t hesitate to… Read More »
Categories: 2015 May - Review of 2014, Articles, Casebook, Civil Litigation, Corporate Law, Criminal Law, Real Estate