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LAWPRO Magazine: 2016 May – Year in Review 2015
In This Issue of LAWPRO Magazine
Stable. Advice. Trustworthy. Security. Professional. Coverage.
The words that appear on our cover describe how LAWPRO served its insureds in 2015. An insurance company can call itself a success if it provides stability in an unpredictable environment. Insurance allows the economy to grow by providing a place where it is safe for insureds to navigate day-to-day challenges and unpredictable events. with… Read More »
2015 financial results explained
Net premiums: $120.7 million Net LawPRO revenues in 2015 were $120.7 million. Premiums from the mandatory insurance program were $5.8 million higher than in 2014, with the increase driven in part by the net increase in the number of insured lawyers purchasing insurance coverage in 2015. Net claims: $80.7 million Incurred claims and adjustment expenses… Read More »
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 »
LAWPRO 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 »
Service: 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 »
LAWPRO 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 »
LAWPRO 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 »
The 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 »
Know your coverage limits
Knowing your limits may sound like sobering advice, but for lawyers in private practice, knowing the limits of your insurance coverage can help you manage risk. Limits per claim, and limits in the aggregate There are two general types of limits: per claim (the maximum amount payable for any one claim within a policy year)… Read More »
TitlePLUS program update: We’re listening
The theme for 2015 has been listening to our subscribers, customers and stakeholders. In 2015, the TitlePLUS program responded to requests and client needs with a number of improvements to products and services. Higher policy amounts For those doing higher value deals, we worked to introduce higher policy amounts. The following options are now available:… Read More »
An 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 »