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LAWPRO Magazine: 2014 June – Year in Review 2013
In This Issue of LAWPRO Magazine
How do you prepare for the unknown?
As an insurance company, LAWPRO addresses that question every day. We have claims professionals, financial analysts and actuaries to help us and our insureds understand and prepare for what might happen – from the malpractice errors we see year after year (e.g. lawyer/client communications) to new technology dangers that put information and trust accounts at… Read More »
2013 financial results explained
Net premiums: $106.5 million Net LAWPRO revenues in 2013 were $106.5 million. Premiums from the mandatory insurance program were $2.1 million higher than in 2012, largely due to a greater-than expected growth in the number of lawyers joining the mandatory program. Net claims: $96.7 million Net claims and adjustment expenses for 2013 decreased by $9.4… Read More »
Premium stability is the result of nimble adjustments
Coverage LAWPRO’s base premium has held steady at $3,350 since 2011; but like a sailboat that tacks carefully first in one direction then the other to manage the wind, stability is the result not of a lack of change, but of continual adjustments to manage change. For 2013, for example, the minimum premium period (for… Read More »
Recoveries and repairs: 2013 review
LAWPRO staff actively pursue recovery costs throughout the year. In some cases, a party other than the insured is found liable for all or part of a loss that is the subject of a claim. We take all reasonable steps to obtain reimbursement from these parties, no matter the amount, because the recovery of these… Read More »
TitlePLUS® program update
The mission continues The TitlePLUS initiative started in 1997 after consultations with the real estate bar. There was more than title insurance on the agenda. The mission was to combine the best of title insurance with the skills and knowledge of the real estate bar. The goal: maintain the important role of the real estate… Read More »
Making corporate social responsibility part of every work day
While the formal expression of LAWPRO’s Corporate Social Responsibility (CSR) commitments is relatively new, many of the activities in which staff participate under the program have been part of LAWPRO working life for many years. Below are a few highlights from 2013. Fostering the legal community and access to justice Celebrated the awarding of the… Read More »
Malpractice insurance in foreign jurisdictions: An update
In past LAWPRO Magazine articles we have highlighted malpractice insurance issues in other countries around the world. In this issue we provide an overview of the recent experiences in England, Wales and Ireland, where a transition from mandatory programs to the open commercial market occurred. Background In the 1990s, the Solicitors Indemnity Fund (“SIF”), the… Read More »
Is there a deductible for claims under my Run-Off coverage?
You may be one of the many lawyers that were in private practice at one point – but have now retired, opted to work for the government, as in-house counsel, or in another career entirely. Wouldn’t it be great if your exposure to claims ended as soon as you took down your private practice shingle?… Read More »
Computers running Windows XP SP3 or Office 2003 must be updated immediately
As reported widely in the media and mentioned in the December 2013 LAWPRO Magazine, Microsoft ceased supporting Windows XP SP3 (Service Pack 3) and Office 2003 (SP3) as of April 8, 2014. There will be no new security updates, non-security hotfixes, free or paid assisted support options or online technical content updates from Microsoft for… Read More »
Teraview tip: Is searching by municipal address getting you the right property?
Do you search by municipal address when using Teraview software? LAWPRO defence counsel have reported seeing construction liens filed on the wrong property where lawyers solely relied on municipal addresses. Note that Teraview presents you with an onscreen caution that “Addresses are approximate.” It is the legal description that determines which property is being impacted…. Read More »
Feeling the pressure?
Each of us faces challenges in life. Sometimes we welcome those challenges, like marriage, the birth of a child, a promotion or a new job. And sometimes we don’t, like divorce, job loss, a serious illness or the death of a loved one. It is no secret that a legal career brings with it many… Read More »