Year in Review
Claims report: Projected claims costs for 2015 lower than expected, but time management challenges loom
Between 2010 and 2014, annual claims costs were verging on a worrisome $100 million plateau. as claims costs for 2015 come into focus, there are indications that we retreated slightly down the side of that $100 million mountaintop, perhaps as far down as the $81 million mark. Claim numbers have also decreased − a development… Read More »
Categories: 2016 May - Year in Review 2015, Articles, Year in ReviewLAWPRO 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… Read More »
Categories: 2016 May - Year in Review 2015, Articles, Errors & Omissions, Year in ReviewService: Streamlined and responsive
LAWPRO’s Customer Service and Underwriting department makes or receives over 40,000 customer phone calls each year. The subject matter of these calls is varied and challenging. Professional indemnity insurance is a complex product, and we offer a wide range of coverage options from which lawyers can choose. To improve our capacity for supporting lawyers in… Read More »
Categories: 2016 May - Year in Review 2015, Articles, Errors & Omissions, Year in ReviewLAWPRO repairs in 2015: Resuscitating dismissed actions
In the past few years, LAWPRO’s claims repair program has been increasingly occupied with the work of attempting to restore actions to the trial list. Rule 48, which permits the administrative dismissal of actions for delay, has been responsible for over $10 million in claims costs over the past three years. LAWPRO in-house and defence… Read More »
Categories: 2016 May - Year in Review 2015, Admin dismissals/Rule 48, Articles, Casebook, Civil Litigation, Limitation Periods, Year in ReviewLAWPRO defends its insureds in 2015
When identifying cases that merit a formal defence (or appeal), LAWPRO counsel consider a range of strategic factors, including whether the case has the potential to alter the standard of care applicable to professional legal services. This article summarizes a sampling of those claims in defence of which we went to court in 2015. Family… Read More »
Categories: 2016 May - Year in Review 2015, Articles, Casebook, Civil Litigation, Family, Real Estate, Year in ReviewThe practicePRO initiative: Helping your practice run in high gear
There are many parts of a successful practice. A breakdown in any one area can impede client service or even lead to a malpractice claim. The practicePRO initiative provides lawyers with tools to keep their practices running smoothly while warning against new hazards that could throw a wrench into the works. Nearly 90 events and… Read More »
Categories: 2016 May - Year in Review 2015, Articles, Year in ReviewAn active corporate citizen
LAWPRO’s Corporate Social Responsibility program keeps us active in the community. Our dedication to being a responsible, involved and accountable corporate citizen of the many communities in which we are a part is focused on four principal areas: Fostering the legal community and access to justice LawPRO collaborated closely with the Ontario Justice Education Network… Read More »
Categories: 2016 May - Year in Review 2015, Articles, Uncategorized, Year in Review2014 financial results explained
Net premiums: $114.9 million Net LAWPRO revenues in 2014 were $114.9 million, almost exactly as budgeted. Premiums from the mandatory insurance program were $8.4 million higher than in 2013. Net claims: $99.6 million Incurred claims and adjustment expenses for 2014 increased by $2.9 million compared to 2013. However, they were lower than the $105.3 million… Read More »
Categories: 2015 May - Review of 2014, Articles, Year in Review2014 claims report
Currently projected claims costs for 2014 hover around $109 million with subtle shifts seen in cause of loss. Claims report As details of the claims picture for 2014 come into focus, it appears that claims costs (including internal claims handling expenses) are on trend around the $109 million mark. The rate of claims per 1,000… Read More »
Categories: 2015 May - Review of 2014, Articles, Year in ReviewAdvocating for lawyers while controlling claims costs
LAWPRO has managed, in each year of the last decade, to close over 40 per cent of claims without payment of defence or indemnity costs. Traditionally, another 40 per cent or so of claims generate defence costs only. This means that an indemnity is paid, on average, in just one out of every six claims… Read More »
Categories: 2015 May - Review of 2014, Articles, Year in Review