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LAWPRO Magazine: 2012 October – Insurance Issue 2013
In This Issue of LAWPRO Magazine
2013 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 »
Holding 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 »
Claims 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 »
Why you don’t (but should) think about Excess insurance
If you are relying on only the coverage offered under LAWPRO’s mandatory insurance program to satisfy claims that may be made against you, you may be at financial risk. The coverage limits under the mandatory program are $1 million per claim and $2 million in the aggregate. The cost of resolving claims is growing every… Read More »
2013 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 »