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LAWPRO Magazine: 2013 May – Year in Review 2012
In This Issue of LAWPRO Magazine
A desire for deluxe car service at a compact car price: What is LAWPRO to do?
The title of this editorial reflects the reality of my world. Times are tough for many legal practitioners (not to mention many would-be clients of those practitioners) and affluent times are not necessarily around the next corner. The financial reset button has truly been hit, in many ways. LAWPRO is no different from any other… Read More »
Same base premium…but Ontario lawyers saved $5 million in 2012. How?
Despite claims costs in $100 million territory, LAWPRO kept its base premium stable at $3,350 per lawyer from 2011 to 2012. Not all lawyers, however, pay the base premium. Careful claims analysis allows us to offer discounts to insureds such as newly-called lawyers, lawyers who practice part-time, and lawyers who practice exclusively in the low-claims… Read More »
2012 financial results explained
A. Net premiums: $104.7 million Net LAWPRO revenues in 2012 were $104.7 million, $5 million lower than in 2011, even though the base premium remained stable at $3,350 per lawyer. Of that $5 million decrease, $4.8 million was in the mandatory E&O program, and is attributable to the reduction in the Real Estate Practice Option… Read More »
Large or small: Every recovery counts
We may not be able to control the amount of claims we receive, but here at LAWPRO we do actively pursue recovery of costs owing to us from third parties throughout the year. Regardless of the amount recoverable, where the cost of recovery efforts warrant, we take action to enforce judgments, file writs, and take… Read More »
LAWPRO works with lawyers to correct errors and minimize losses
“Repair” work − steps taken to correct an error or problem to minimize or avoid claims costs − is an important part of LAWPRO’s claims portfolio. Depending on the nature of the error, LAWPRO may take these steps directly, or provide support while the insured conducts a “self-repair”. The most commonly-repaired claims are in the… Read More »
Knowing when to take a stand: LAWPRO defends its insureds in 2012
LAWPRO pays an indemnity to resolve a claim only in a minority of cases. In the years 2008-2012, LAWPRO made an indemnity payment in just 14.5 per cent of files, on average. However, many claims must be actively defended: over that same period, over 42 per cent of claims required the expenditure of external defence… Read More »
TitlePLUS program update: Responding to market chill with service improvements, public relations initiatives
TitlePLUS results reflect market weakness A cautious, sometimes pessimistic mood permeated the Ontario real estate market in 2012. Sales dipped – modestly in some markets, more dramatically in others – and warnings of a more dramatic slide dominated real estate reporting for much of the year. Because title insurance sales are so closely tied to… Read More »
LAWPRO committed to corporate social responsibility
2012 was the first full year of LAWPRO’s Corporate Social Responsibility (CSR) program. To help familiarize our staff, the bar, and other external stakeholders with our CSR commitment, we created a Corporate Social Responsibility brochure. Please get in touch with us to request copies, available both in print and in PDF format. The LAWPRO CSR… Read More »
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 »
Wondering when to report that claim or potential claim? Do it now
Do you think you may have a claim to report, but are wondering about timing? There are no good reasons to delay in reporting a claim, and many excellent reasons to do so as early as possible. Under the current mandatory program of insurance for lawyers, the policy that responds is the one in force… Read More »
Be smart about spam: Use whitelisting so you don’t miss key messages
Spam is a problem that never seems to go away. email service providers are always coming up with new ways to identify suspected spam to try to keep it out of your inbox. this often involves assigning points to certain words or phrases, and enough points will get the email blocked. sometimes simply sending an… Read More »
Avoiding the unintentional expansion of retainers
Here’s the scenario: A lawyer is retained to assist a client with a tort claim and an accident benefits claim. The client, meanwhile, has been informed that the long-term disability (LTD) benefits provided by her employer’s group plan are about to be terminated. In an effort to forestall the termination of benefits, she asks the… Read More »