Year in Review
2012 financial results explained
A. Net premiums: $104.7 million Net LAWPRO revenues in 2012 were $104.7 million, $5 million lower than in 2011, even though the base premium remained stable at $3,350 per lawyer. Of that $5 million decrease, $4.8 million was in the mandatory E&O program, and is attributable to the reduction in the Real Estate Practice Option… Read More »
Categories: 2013 May - Year in Review 2012, Articles, Year in ReviewLarge or small: Every recovery counts
We may not be able to control the amount of claims we receive, but here at LAWPRO we do actively pursue recovery of costs owing to us from third parties throughout the year. Regardless of the amount recoverable, where the cost of recovery efforts warrant, we take action to enforce judgments, file writs, and take… Read More »
Categories: 2013 May - Year in Review 2012, Articles, Corporate Law, Wills & Estates, Year in ReviewLAWPRO committed to corporate social responsibility
2012 was the first full year of LAWPRO’s Corporate Social Responsibility (CSR) program. To help familiarize our staff, the bar, and other external stakeholders with our CSR commitment, we created a Corporate Social Responsibility brochure. Please get in touch with us to request copies, available both in print and in PDF format. The LAWPRO CSR… Read More »
Categories: 2013 May - Year in Review 2012, Articles, Year in ReviewHitting our stride: Fine-tuning service
Did you know that the LAWPRO customer service department handled over 23,000 individual pieces of correspondence in 2011? Each of our customer service representatives is trained to address a wide range of service issues, from accounts management to coverage inquiries to the referral of claims to our claims department. While we received roughly the same… Read More »
Categories: 2012 May/June - Year in Review 2011, Articles, Year in ReviewE&O claims numbers: Going up
Claims costs in primary program may top $90 million in 2011 Lawyers are reporting more claims The increase in the number of claims reported can be attributed in part to an increase in the number of lawyers insured under the Law society e&O program – to just over 23,000 in 2011 from about 18,000 in… Read More »
Categories: 2012 May/June - Year in Review 2011, Articles, Year in ReviewFollowing through to recover costs
By the time certain claims come to our attention, it’s either too late or uneconomic to pursue a repair. Some of these cases require that we pay an indemnity to the party affected. This payment, however, is not the end of the story: To control our claims costs, we must take steps, where possible, to… Read More »
Categories: 2012 May/June - Year in Review 2011, Articles, Year in ReviewCorporate citizenship: An evolving new LAWPRO mandate
In may 2011, the LAwPRO Board adopted a Corporate social Responsibility (CsR) statement that is based on four principles: a commitment to provide a healthy workplace, respect for the environment, support for the legal community, and support for the larger community in which we live and work. The following is a summary of how LAwPRO… Read More »
Categories: 2012 May/June - Year in Review 2011, Articles, Year in Review2011 financial results explained
A. Net premiums: $109.7 million Net LAWPRO revenues in 2011 stood at about $109.7 million, about $9 million more than in 2010. An increase in the 2011 base premium to $3,350 per lawyer, and in the number of lawyers insured under the program are major factors affecting the net premium figure for 2011. Excess premium… Read More »
Categories: 2012 May/June - Year in Review 2011, Articles, Year in Review