E&O Insurance >FAQS>LAWYERS not in private practice FAQs
LAWYERS not in private practice FAQs
If you have questions that are not answered below, or if need further clarification or information, please contact LAWPRO®'s customer service department toll-free at 1-800-410-1013, 416-598-5899 or at email@example.com.
As a retired LAWYER who is exempt from purchasing the standard insurance coverage, you would be provided with a reduced
coverage limit of $250,000 per CLAIM and in the aggregate limits of liability, subject to a $5,000 DEDUCTIBLE per CLAIM, and
subject to any prior claims reported while exempt under the
Rules for Exemption Eligibility.
This coverage is a one-time limit and is not re-instated annually. Run-Off Coverage applies only to claims arising out of
PROFESSIONAL SERVICES provided while you were in
private practice or maintained the full ongoing practice coverage.
That is, you are covered to a maximum of $250,000 for all of the claims made against you while exempt, including the year you
leave active private practice, past years in which you were exempt, and all future years while exempt (except for LAWYERS eligible
for the mobility exemption).
Run-Off Coverage does not provide coverage for claims arising out of professional services
that you provide while exempt from paying the insurance premium.
In other words, you are not covered for ANY services you currently provide. The only exceptions to this are with
respect to PRO BONO SERVICES provided through an approved pro bono program associated
with Pro Bono Ontario, and where you have applied for and purchased additional
coverage specifically for certain ongoing services as, estate trustee, trustee for inter vivos trust, or attorney for
Ontario LAWYERS who have been granted an exemption may apply to increase their Run-Off Coverage limits.
For further details, we would refer to the
Insurance Matters for Retired LAWYERS booklet which provides more detail regarding the Run-Off Coverage available under
the Law Society's program, as well as some of the types of questions you may wish to consider in assessing what exposures may
arise out of your past practice.
You do not have to buy any optional insurance coverage (i.e. any insurance coverage that is in addition to the standard insurance program) through LAWPRO. You are free to buy your run-off insurance from the insurer of your choice.
No,if claims made against you exhaust the $250,000 Run-Off Coverage and you do not apply to renew your limit buy-up after the five-year term, you will have no coverage in place for any future claims against you.
If you plan to continue providing PROFESSIONAL SERVICES
in private practice, even on an occasional basis or on a pro bono basis to family or friends, you must obtain the standard insurance program coverage.