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Year in Review

2017 Annual Review: Financial Results Explained

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A. Net premiums: $108.5 million LAWPRO net earned premiums in 2017 w ere $108.5 million. As expected, premiums from the mandatory insurance program were considerably lower than in 2016 ($115.8 million) following a reduction in the annual base premium from $3,350 to $2,950. Nevertheless, they were still higher than the amount budgeted for the year… Read More »

Categories: 2018 May Year in Review 2017, Articles, Content Type, LAWPRO Magazine, LAWPRO Magazine Article Type, Year in Review

2017 Annual Review: Coverage

cover of May 2018 issue

Lowered premium proves successful; maintained for another year For the 2017 professional indemnity insurance renewal, LAWPRO introduced a $2,950 base premium, a $400 reduction from the year prior. Despite the lower premium, the company was able to meet its claims obligations on a roughly “break-even” basis – an approach made possible by the achievement of… Read More »

Categories: 2018 May Year in Review 2017, Articles, Content Type, LAWPRO Magazine, LAWPRO Magazine Article Type, LAWPRO policy, Year in Review

Repairs: Putting Things Right For Our Insureds in 2017

The ideal way to handle errors is to repair them before they can cause any harm. Claim repairs have the potential not only to limit costs to the insurance program, but also to restore clients’ faith in the legal profession and to protect lawyers’ reputations. LAWPRO counsel repair claims in all areas of law, using… Read More »

Categories: 2018 May Year in Review 2017, Articles, Casebook, Content Type, LAWPRO Magazine, LAWPRO Magazine Article Type, Year in Review

In Defence of Our Insureds in 2017

knight

LAWPRO defends actions against lawyers and licensed paralegals practising in every area of the law. In our February issue, we highlighted 2017 civil litigation claims. Family law A plaintiff hired a lawyer to handle certain financial matters, including the drafting of a prenuptial agreement, in preparation for her upcoming marriage. It eventually came to light… Read More »

Categories: 2018 May Year in Review 2017, Areas of Law, Articles, Casebook, Civil Litigation, Content Type, Corporate Law, Family, LAWPRO Magazine, LAWPRO Magazine Article Type, Real Estate, Tax, Year in Review

2017 Annual Review: Corporate Social Responsibility Comes Into Its Own

cover of May 2018 issue

LAWPRO’s corporate social responsibility (CSR) experience has grown with our business. Our wellness, outreach, and charitable programs are evolving organically, driven by employee interest and engagement. Simply put, our CSR program is a natural and self-sustaining part of our corporate culture and identity. The following article highlights our activities in 2017. Fostering the legal profession… Read More »

Categories: 2018 May Year in Review 2017, Articles, Content Type, LAWPRO Magazine, LAWPRO Magazine Article Type, Year in Review

Financial results explained

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 Net premiums: $115.8 million LawPRO net earned premiums in 2016 were $115.8 million. Premiums from the mandatory insurance program were lower than in 2015, though still higher than budgeted. The E&O Fund did not make a premium contribution to LawPRO in 2016 as it did in 2015. And although the number of practising lawyer full-time-equivalents… Read More »

Categories: 2017 May - 2016 Annual Review, Articles, Year in Review

E&O Program: Claims report

Administrative dismissal of actions: Was 2016 the calm before the storm? Claims trends in 2016 seemed to follow now-familiar patterns – certain types of claims increased, others abated, and overall claims costs continue to hover around the $100 million mark. However, in the final months of the year, LawPRO claims personnel saw an increase in… Read More »

Categories: 2017 May - 2016 Annual Review, Articles, Year in Review

Coverage: Premium remains stable in 2016

The year 2016 marked the sixth year in which most insured lawyers paid a base premium of $3,350 for their professional indemnity insurance. As rents and property values continue to climb, and as technology becomes obsolete at an ever-increasing rate, we were proud to be among the few practice expenses NOT growing in 2016. LawPRO… Read More »

Categories: 2017 May - 2016 Annual Review, Articles, Errors & Omissions, Year in Review

Repairing errors to head off claims

Timely efforts by LawPRO to “repair” errors committed by lawyers save the Ontario bar millions of dollars every year. To preserve these repair opportunities, lawyers should contact us as soon as it becomes clear that a mistake may have been made on a file. LawPRO successfully argues for rectification of a will provision A multi-million… Read More »

Categories: 2017 May - 2016 Annual Review, Articles, Civil Litigation, Errors & Omissions, Wills & Estates, Year in Review

Standing up for lawyers

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The great majority of claims reported to LawPRO are either abandoned, settled, or resolved through mediation or arbitration. But if we hope to preserve reasonable and fair limits on the scope of lawyers’ responsibilities, we must occasionally go to court. Our litigation track record is proof of our sound judgment about when to go to… Read More »

Categories: 2017 May - 2016 Annual Review, Articles, Year in Review
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