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Category: LAWPRO Magazine

Quick summary of 2019 policy and key dates

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Base premium unchanged for 2019: $2,950 No change to transaction levies Default period reduced to 60 days Reinstatement fee increased to $300 Use of Designated Agencies discount expanded to consider proposed Civil Society Organizations How to renew your insurance You need to renew your insurance for the 2019 year. It will not happen automatically. Visit… Read More »

Categories: 2018 September - Insurance Issue 2019, Articles

Your 2019 program: Stable premiums, reliable insurance

2019

Base premium stable LAWPRO is pleased to report that the base premium for 2019 will remain unchanged at $2,950. As in previous years, there is no need to change the premium as our claims management and cost containment efforts, together with investment income, are expected to cover projected claims costs. No change to transaction levies… Read More »

Categories: 2018 September - Insurance Issue 2019, Articles

2019 insurance coverage for lawyers in private practice, sole practitioners and lawyers in association or partnership

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Standard insurance coverage The base program Eligibility: Required of all lawyers¹ providing services in private practice.² Coverage limit: $1 million per claim/$2 million in the aggregate (i.e., for all claims made in 2019), applicable to claim expenses, indemnity payments and/or costs of repairs together. Standard deductible: $5,000 per claim, applicable to claim expenses, indemnity payments… Read More »

Categories: 2018 September - Insurance Issue 2019

2019 insurance coverage for exempt lawyers

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• 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… Read More »

Categories: 2018 September - Insurance Issue 2019

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
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