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E&O Insurance >Insurance Type >DEDUCTIBLE Options

DEDUCTIBLE options

LAWPRO® offers DEDUCTIBLE options from $NIL to $25,000 (some restrictions apply). You can also choose to have your DEDUCTIBLE apply to both claim expenses and indemnity payments, or to indemnity payments only. Premiums will increase or decrease depending on the DEDUCTIBLE option you select.

Note:

  • Each LAWYER [and PARALEGAL PARTNER(S) OR SHAREHOLDER(S) if applicable] practising in a LAW PARTNERSHIP (including general partnerships, MULTI-DISCIPLINE PARTNERSHIPS, COMBINED LICENSEE PARTNERSHIPS and LLPs) or LAW CORPORATION must elect the same amount and type of DEDUCTIBLE as all other LAWYERS in the firm.
  • The DEDUCTIBLE will be double the amount selected if a LAWYER [or PARALEGAL PARTNER(S) OR SHAREHOLDER(S)] acts for more than one person or organization having an apparent or alleged conflict of interest.
  • The DEDUCTIBLE will be $10,000 more than the amount selected if there has been an ADMINISTRATIVE DISMISSAL that is not set aside despite steps taken by or under the direction of LAWPRO, and will apply to CLAIM expenses, indemnity payments and/or costs of repairs.
  • DEDUCTIBLES that apply to indemnity payments and/or costs of repairs only would be called on in respect of judgments, settlements and/or costs of repairs only unless otherwise indicated in the POLICY. The DEDUCTIBLE would apply to these amounts together, and would be called on as these expenditures become due.
  • DEDUCTIBLES which apply to CLAIM expenses, indemnity payments and/or costs of repairs together, would be called on in respect of covered investigation and defence expenses, as well as judgments, settlements and/or costs of repairs. This is even if the CLAIM is considered to be frivolous, vexatious or lacking in merit. The DEDUCTIBLE would apply to these amounts together, and would be called on as these expenditures become due.


DEDUCTIBLE TYPE CONDITIONS/RESTRICTIONS PREMIUM
$Nil DEDUCTIBLE

Available only to LAWYERS [and PARALEGAL PARTNER(S) OR SHAREHOLDER(S)] for whom LAWPRO has received no notice of CLAIM(S) or POTENTIAL CLAIM(S) under the insurance program within 5 years previous to the POLICY effective date. For CLAIMS arising out of title-insured transactions on which a transaction levy surcharge is not payable, $Nil  DEDUCTIBLE  will be deemed to be $500 applicable to indemnity payments and/or costs of repairs. For CLAIMS involving COUNTERFEIT CERTIFIED CHEQUE(S) OR COUNTERFEIT BANK DRAFT(S), the standard $5,000 DEDUCTIBLE will apply.

Increase in premium equal to 15% of base premium. (For 2017, $442.50 plus PST increase)
$2,500 DEDUCTIBLE applicable to CLAIM expenses, indemnity payments and/or costs of repairs together. For CLAIMS involving COUNTERFEIT CERTIFIED CHEQUE(S) OR COUNTERFEIT BANK DRAFT(S), the standard $5,000 DEDUCTIBLE will apply. Increase in premium equal to 7.5% of base premium. (For 2017, $221.25 plus PST increase)
$2,500 DEDUCTIBLE applicable to indemnity payments and/or costs of repairs only (does not apply to investigation and defence costs). For CLAIMS involving COUNTERFEIT CERTIFIED CHEQUE(S) OR COUNTERFEIT BANK DRAFT(S), the standard $5,000 DEDUCTIBLE will apply. Increase in premium equal to 12.5% of base premium. (For 2017, $368.75 plus PST increase)
$5,000 DEDUCTIBLE applicable to CLAIM expenses, indemnity payments and/or costs of repairs together. Standard insurance program DEDUCTIBLE. Base premium. (For 2017, $2950 plus PST per insured LAWYER)
$5,000 DEDUCTIBLE applicable to indemnity payments and/or costs of repairs only (does not apply to investigation and defence costs).  
Increase in premium equal to 10% of base premium. (For 2017, $295.00 plus PST increase)
$10,000 DEDUCTIBLE applicable to CLAIM expenses, indemnity payments and/or costs of repairs together. Not available to in-house corporate counsel, government LAWYERS and other LAWYERS not in private practice. Decrease in premium equal to 7.5% of base premium. (For 2017, $221.25 plus PST decrease)
$10,000 DEDUCTIBLE applicable to indemnity payments and/or costs of repairs only (does not apply to investigation and defence costs). Not available to in-house corporate counsel, government LAWYERS and other LAWYERS not in private practice. Increase in premium equal to 7.5% of base premium. (For 2017, $221.25 plus PST increase)
$25,000 DEDUCTIBLE applicable to CLAIM expenses, indemnity payments and/or costs of repairs together.

Not available to in-house corporate counsel, government LAWYERS and other LAWYERS not in private practice.

SOLE PRACTITIONERS and LAWYERS practising alone in a LAW CORPORATION must have had gross billings in private practice of $400,000 or more in their last fiscal year. LAWYERS (and non-LAWYER partners in CLPs or MDPs, if applicable) practising in partnership or association and LAWYERS practising in a LAW CORPORATION with more than one LAWYER, must have had Average gross billings of $250,000 or more (on average per LAWYER for all LAWYERS in the partnership or association) in their last fiscal year.

Decrease in premium equal to 12.5% of base premium. (For 2017, $368.75 plus PST decrease)
Key DatesMore

October 31, 2017
Real estate and civil litigation transaction levies and forms are due for the quarter ended September 30, 2017.

November 7, 2017
E-filing deadline: Renewal applications filed online on or before November 7 qualify for a $25 per lawyer e-filing discount applied to the 2018 insurance premium.

November 14, 2017
Renewal Application filing deadline: 2018 LAWPRO renewal applications filed after this date will be subject to a surcharge equal to 30 per cent of the base premium.


 

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