Does your firm need cybercrime insurance?
In a study titled The Cost of Cybercrime, Accenture surveyed 254 companies in seven countries. Over the course of five years, the study revealed a 62 per cent increase in cybercrime attacks. Data breaches during the same period doubled to 130 per year. Accenture noted that while not every security breach results in a loss,… Read More »Categories: 2018 February Top Legal Disruptions, Articles, Content Type, Cyber dangers, Disaster Planning, Firm Management, Insurance Business, LAWPRO Magazine, LAWPRO Magazine Article Type, LAWPRO policy, Legal Technology, Topics
Commercial title insurance: What you need to know
A discussion regarding title insurance (or any insurance for that matter) requires the understanding that it is insurance. It does not fix problems, it underwrites risks. As lawyers, it is incumbent upon us to be able to convey this clearly to our clients, whether lenders or more likely borrowers/purchasers. In the days of yore, the… Read More »Categories: 2017 August Managing Change, Areas of Law, Articles, Content Type, Insurance Business, Real Estate, Title insurance
It’s more than just business – Corporate social responsibility
LawPRO’s continued commitment to its Corporate Social Responsibility (CSR) program was reflected in contributions to the profession, to wellness, and to the community. Fostering the legal profession and access to justice In May of 2016, LawPRO personnel attended the Pro Bono Ontario awards gala to honour the contributions of lawyers, law firms, legal departments, law… Read More »Categories: 2017 May - 2016 Annual Review, Articles, Insurance Business
The future of law: Why the real estate lawyer is the quarterback of the real estate deal
On June 22, 2016, surrounded by family and colleagues, Kathleen Waters was honoured with the 2016 Ontario Bar Association’s Award of Excellence in Real Estate. Her remarks included comments on the lawyer as quarterback and advice on moving successfully into the digital future. “I’m a passionate believer in the role of the lawyer as defender… Read More »Categories: 2017 February Neuroscience, Future of law, Insurance Business, LAWPRO Magazine, LAWPRO Magazine Article Type, Real Estate
Managing risk: Who pays for crime?
One of the questions we often get asked at LAWPRO is why certain areas of claims don’t get the full $1 million per claim amount of coverage. For example, think of how the LawPRO policy treats counterfeit certified cheques causing an overdraft, cybercrime, and intentional misbehaviour within the real estate registration system – these coverages… Read More »Categories: 2016 January Indigenous, Articles, Insurance Business
Does title insurance bring benefits to the primary professional liability program?
We all know that notwithstanding the rise of title insurance in Ontario, claims arising from real estate practice are still a large (and in many years, the largest) exposure for the primary professional liability program that LAWPRO provides for the Law Society’s lawyer-licensees (the “E&O program”). We have explored why in other articles and settings…. Read More »Categories: 2014 September Diversity, Articles, Insurance Business, Real Estate, Title insurance
Malpractice insurance in foreign jurisdictions: An update
In past LAWPRO Magazine articles we have highlighted malpractice insurance issues in other countries around the world. In this issue we provide an overview of the recent experiences in England, Wales and Ireland, where a transition from mandatory programs to the open commercial market occurred. Background In the 1990s, the Solicitors Indemnity Fund (“SIF”), the… Read More »Categories: 2014 June - Year in Review 2013, Articles, Insurance Business
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 policy
Why the LAWPRO base premium is only the start of the story
Why is Ontario lawyers’ professional liability insurance more expensive than other provinces’? It’s a legitimate question, and easy enough to formulate. The answer is either very simple or very complicated and detailed, because it means comparing apples to oranges. The simple answer A simple answer points to the fact that a person asking the question… Read More »Categories: 2013 May - Year in Review 2012, Articles, Insurance Business, LAWPRO policy
How the real estate bar entered the insurance business, or what happens when a lawyer is also an insurance intermediary
Many of us deal with licensed insurance agents or registered brokers every year to purchase coverage, whether life, auto or home policies. When someone in Ontario wishes to obtain title insurance, the real estate lawyer effectively functions as insurance intermediary (although not technically an agent or a broker). Lest anyone think there is anything improper… Read More »Categories: 2012 December Resolutions, Insurance Business, Real Estate, Title insurance, TitlePLUS