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LAWPRO coverage subject to continual review
Experiencing a little déja vu when renewing your professional indemnity insurance in recent years? You’re not mistaken – LawPRO’s base premium for the Law Society’s mandatory insurance program has not changed since 2011. But the stability of the premium belies a continual effort, on the part of LawPRO underwriters, to stay ahead of developments in both malpracticerisk and practice management.
Innovations introduced for the 2015 policy included the following:
- e-learning courses from Homewood Health were approved for the LawPRO Risk Management Credit;
- paralegal partners became eligible for Risk Management Credit savings;
- policy definitions for “employee” and “prescribed penalties” were expanded in response to coverage and claims experience; and
- terms of coverage for the work of non-licensee professionals in multidisciplinary partnerships (MDPs) were clarified.
The base premium is, of course, a starting point – new lawyers, part time practitioners, and lawyers who restrict their practice to criminal and/or immigration law pay reduced premiums, while lawyers exposed to additional risks, or who are have stopped practising but want enhanced run-off protection can tailor their coverage accordingly.