TORONTO, ONTARIO--(Marketwired - Sep 27, 2013) - For the fourth consecutive year, LAWPRO will hold the base premium for the mandatory insurance program at $3,350 for 2014.
A withdrawal of $5 million in premium from the Law Society E&O Fund will permit LAWPRO to maintain stability with respect to the base premium for its mandatory insurance program for Ontario lawyers, despite the company's prediction that claims costs for 2014 are unlikely to recede from the $100 million range reached after steady increases over the past decade.
The 2014 LAWPRO insurance program incorporates a number of changes designed to help the program adapt to changing risk patterns and changes in the delivery of legal services:
- The mandatory insurance program will include, for 2014, a sublimit coverage of $250,000 for eligible cybercrime claims.
- An increased deductible of $10,000 will be applied to claims arising from the administrative dismissal of a proceeding, where the dismissal is not set aside through steps taken by or under the direction of LawPRO.
- Paralegal licensees practising in partnership with lawyers will be required to move to LAWPRO insurance, with coverage matching that of their lawyer partners as their insurance renewals occur on or after January 1, 2014.
- The policy has been amended to support the mobility of lawyers who are members of both the Ontario Bar and the Barreau du Quebec, as provided in the National Mobility Agreement 2013.
Lawyers' Professional Indemnity Company (LawPRO) is owned by the Law Society of Upper Canada and licensed to provide professional liability insurance and title insurance in numerous jurisdictions across Canada. Through its malpractice insurance program, LawPRO insures about 24,000 practising lawyers in Ontario, as well as providing them with risk and practice management programs to assist them in their law practices under the practicePRO banner. LawPRO's TitlePLUS® title insurance program is available to more than 4,500 lawyers across Canada and Quebec notaries to better meet their clients' needs for professional legal advice and superior protection for their real estate transactions.
Connect with us on Twitter: @LAWPRO and on LinkedIn: LAWPRO
® Registered trademark of Lawyers' Professional Indemnity Company
- Company Legal & Law Matters