Errors & Omissions
What does your malpractice policy cover? Individual lawyers or the law firm?
Have you ever wondered why LAWPRO’s policy for the Law Society of Upper Canada insurance program (the “primary policy”) insures lawyers on an individual basis while excess insurance is issued on a firm-wide basis? Most Ontario lawyers have probably never considered this question. And while it may seem to be a rather subtle distinction, the… Read More »
Categories: 2013 September practicePRO 15th, Articles, Errors & Omissions, Insurance Business, LAWPRO policyWondering when to report that claim or potential claim? Do it now
Do you think you may have a claim to report, but are wondering about timing? There are no good reasons to delay in reporting a claim, and many excellent reasons to do so as early as possible. Under the current mandatory program of insurance for lawyers, the policy that responds is the one in force… Read More »
Categories: 2013 May - Year in Review 2012, Articles, Errors & Omissions, LAWPRO policyE&O and R&R: Insurance planning for retirement
When looking forward to your retirement it’s important to have an idea of what liabilities and activities from your practice will follow you. It’s false comfort to think that just because a claim wasn’t brought prior to retirement means one won’t appear in the future or that you can rely on the coverage that was… Read More »
Categories: 2012 December Resolutions, Articles, Errors & Omissions, LAWPRO policyInsurance matters: Innocent party coverage
What is it? Innocent Party coverage protects you against the dishonest, fraudulent, criminal or malicious acts or omissions of present or former partners, associates, and employed lawyers in your firm. Is this coverage mandatory? Minimum level Innocent Party coverage (sublimit coverage of $250,000 per claim/ aggregate) is required for all partners practising in association, partnership… Read More »
Categories: 2012 December Resolutions, Articles, Errors & Omissions, LAWPRO policyInsurance matters: Temporary leave of absence
LAWPRO understands that there may be circumstances in which a lawyer may have to take some time away from the private practice of law due to illness, family issues or other circumstances. Lawyers who temporarily leave the practice of law and do not take any alternate employment may be eligible to apply for exemption from… Read More »
Categories: 2012 December Resolutions, Articles, Errors & Omissions, LAWPRO policy2013 insurance coverage for lawyers in private practice
Standard insurance coverage The base program Eligibility: Required of all lawyers providing services in private practice. Coverage limit: $1 million per claim/$2 million in the aggregate (i.e., for all claims made in 2014), applicable to claim expenses, indemnity payments and/or costs of repairs together. New Cybercrime coverage sublimit: The 2014 insurance program introduces s a… Read More »
Categories: 2012 October - Insurance Issue 2013, Articles, Errors & OmissionsHolding the course on premiums for 2013, with an uneasy eye on claims
Quick summary: Base premium for 2013: $3,350 (unchanged from 2012) Minimum premium period (for the purpose of mid-year status changes) reduced to 30 days from 60 days Claims management: Pure claims-made approach reaffirmed 2013 policy addresses lawyer/paralegal partnerships LAWPRO holds course on $3,350 premium, but keeps close watch as claims reach $100 million territory For… Read More »
Categories: 2012 October - Insurance Issue 2013, Articles, Errors & OmissionsClaims costs climb into $100 million territory
Our readers will by now be familiar with the news that total claims costs (including internal handling costs) for each of the 2011 and 2012 policy years are expected to be in the $100 million ballpark. Our ongoing actuarial analysis makes it clear that claims costs of $80 million and more (before internal adjusting expense)… Read More »
Categories: 2012 October - Insurance Issue 2013, Articles, Errors & Omissions2013 insurance coverage for exempt lawyers
in-house corporate counsel government lawyers, educators and others not in active private practice retired lawyers, estate trustees, emeritus lawyers, judges and others no longer practising law legal aid clinic lawyers (not directly employed by Legal Aid Ontario) lawyers who engage in only occasional practice in Ontario and are resident in a Canadian jurisdiction other than… Read More »
Categories: 2012 October - Insurance Issue 2013, Articles, Errors & OmissionsVicarious directors’ liability?!?!
Everyone knows and accepts that legal partnerships are vicariously liable for the acts and omissions of their partners and employees in the course of the law firm’s business. Most law firms carry on their practices on the basis that their business is the practice of law. Some legal partnerships allow or even encourage their employees… Read More »
Categories: 2012 August Checklists, Articles, Errors & Omissions, Firm Management, LAWPRO policy