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Last update: Sept. 28, 2017

2017 Releases

  • 2018 Insurance Program (Sept. 28, 2017)
    Convocation of the Law Society of Upper Canada approves LAWPRO's 2018 insurance program for the Ontario Bar. Data analysis leads to refinements in risk-rating.


2016 Releases

  • 2017 Insurance Program (Sept. 22, 2016)
    Convocation of the Law Society of Upper Canada approves LAWPRO's 2017 insurance program for the Ontario Bar. Base premium decreased to $2,950 plus strategies to promote access to justice.

  • LAWPRO receives “A” rating from A.M. Best Co. (Aug. 16, 2016)
    A.M. Best Co. awarded Lawyers’ Professional Indemnity Company a financial strength rating of “A” and an issuer credit rating of “a” for the sixteenth consecutive time.

  • Kathleen A. Waters to receive OBA Award of Excellence in Real Estate (May 24, 2016)
    On June 22nd, the Ontario Bar Association will present LAWPRO President and CEO Kathleen A. Waters with the Award of Excellence in Real Estate.



2015 Releases



2014 Releases

  • LAWPRO base premium stable for fifth consecutive year (Sept. 24, 2014)
    Strong financial results and a moderating claims count have allowed LAWPRO to hold the base premium for the mandatory insurance program at $3,350 for the fifth consecutive year. 2015 marks 20 years of LAWPRO operating primary insurance program.

    For more details of the 2015 insurance program, see our Report to Convocation.

  • LAWPRO receives "A" rating from A.M. Best Co. (June 2, 2014)
    A.M. Best Co. has awarded Lawyers’ Professional Indemnity Company (LAWPRO) a financial strength rating of A (Excellent) and an issuer credit rating of "a" for the fourteenth consecutive time. In addition, A.M. Best Co. gave LAWPRO a "stable" outlook for the third year in a row.



Media Release archive


Media contacts:
Naomi Dummett
Director of Communications
Tel: 416-596-4652
Toll-free: 1-800-410-1013
E-mail:



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NEWS RELEASE:
For immediate release

TitlePLUS launches online insurance application at www.LawyerMortgage.com

Toronto, ON May 10, 2001: Effective today, lawyers in Ontario can use a live, online, web-based application to secure title insurance coverage for certain mortgage transactions, saving time and money.

The LawyerMortgage.com website, developed jointly by TitlePLUS and CAKEsoft Inc., allows lawyers to complete, file, and obtain approval - in minutes - for title insurance coverage for a variety of mortgage-only transactions.

The online application guides lawyers intuitively through the application process, and generates all of the required title insurance documentation associated with the transaction. Because the lawyer is working in a live environment, LawyerMortgage.com also provides, in most cases, instant approval of title insurance coverage, and authorizes lawyers to advance mortgage funds to clients in advance of registration.

The benefits of using LawyerMortgage.com for both lawyers and consumers include:

  • Streamlined due diligence: LawyerMortgage.com significantly reduces the amount of time and associated costs that lawyers spend on searches and inquiries, requiring, for example, only one subsearch of title, in most circumstances. This feature, combined with the ease of use of the online application itself, reduces the amount of time the lawyer spends on the actual transaction, while still ensuring the consumer receives professional service and independent legal advice.
  • Cost savings: The premium for LawyerMortgage.com title insurance coverage is only $60 (plus a $5 processing fee and taxes) - significantly less than the cost of obtaining title insurance coverage for mortgage-only transactions in the conventional manner.
  • Instant cash: Lawyers are able to advance to clients the required cash before the mortgage is registered on title. Lenders have the security they need through the title insurance policy, which is effective as of the advance of funds.
  • Widespread use: With virtually all of Ontario’s major financial institutions accepting TitlePLUS coverage for these types of transactions, and with TitlePLUS lawyers located in every corner of Ontario, consumers have easy access to the cost benefits of this new web-based service for their refinance transactions.
  • 24/7 access: Because the application process is electronic and easy to use, lawyers can complete their work anywhere, anytime - and in minutes.

"LawyerMortgage.com is another good example of how TitlePLUS is continually innovating for the real estate bar," says Kathleen Waters, Vice President, TitlePLUS. "This new service significantly enhances the Bar’s competitive position in this critical and very competitive area of mortgage financing."

LawyerMortgage.com also opens the door on a new era in online real estate transactions, adds Ms Waters: "It is the first step towards the future of online real estate deals. We anticipate that the capacity of LawyerMortgage.com will be expanded quickly to incorporate more types of mortgage transactions, as well as additional document generation capabilities."

CAKEsoft Inc. (Computer Assisted Knowledge Engineering) produces a number of application software products that automate high-volume, complex, knowledge-based work in legal practices. CAKEsoft products are designed to increase office productivity while also improving the quality of work done.

TitlePLUS, a one-stop closing package developed by the Lawyers’ Professional Indemnity Company (LAWPRO), has been used by more than 1,500 lawyers to streamline real estate transactions and improve the service and protection that home buyers receive when they buy a home.

TitlePLUS consists of: online software (accessed through Teraview®) that walks lawyers through many of the steps in the closing process of a real estate transaction; and a comprehensive insurance package that insures both title-related risks and the legal services provided by the lawyer in the transaction. LAWPRO is a wholly Canadian-owned insurance company that is licenced to provide professional liability insurance and title insurance in numerous jurisdictions across Canada.

-30-

Contact:

Kathleen Waters
Vice President, TitlePLUS
[email protected]
(416) 598-5879

Visit LawyerMortgage.com

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Key DatesMore

On or about October 2, 2017
LAWPRO online filing of Professional Liability Insurance renewal applications for 2018 is expected to begin. If you wish to file a paper application instead of filing online, please note that paper renewal applications will not be automatically mailed out, but it is expected that you will be able to download a 2018 pre-populated paper renewal application from our website starting on or about October 2, 2017.

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


 

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