Last update: March 20, 2018
LAWPRO receives “A” rating from A.M. Best Co. (Nov. 22, 2017)
A.M. Best Co. awarded Lawyers’ Professional Indemnity Company a financial strength rating of “A” and an issuer credit rating of “a” for the seventeenth consecutive time.
2018 Insurance Program (Sept. 28, 2017)
Convocation of the Law Society approves LAWPRO's 2018 insurance program for the Ontario Bar.
Data analysis leads to refinements in risk-rating.
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
Director of Communications
For immediate release
Lawyers' insurance premiums decline for fifth consecutive year
New mentoring, CLE premium credit initiatives also announced
Toronto, ON, October 1, 2001: The base insurance premium - the premium paid by most lawyers in the province - will fall $100 to $2,700 per lawyer in 2002, the Lawyers' Professional Indemnity Company (LAWPRO) announced today. The $100 drop in the base premium is the fifth consecutive decline in insurance premiums since the program was reorganized in 1995, and brings premiums to less than half of the $5,600 that lawyers paid for their base insurance coverage in 1995.
Actual premiums paid by many lawyers in 2002 will be lower, depending on a number of variables such as options selected, years in practice and practice areas. For example, lawyers who Web-file their 2002 insurance applications by the November 1, 2001, deadline will receive a $50 premium discount, while lawyers who pay their 2002 premium in a lump sum will be eligible for an additional $150 discount. With these discounts and others, part-time practitioners and lawyers who restrict their practice to criminal and/or immigration law could pay as little as $1,217 for their professional liability insurance coverage in 2002.
Insurance requirements for MDPs confirmed
As well, the insurance requirements for lawyers practising in Multi-Discipline Partnerships (MDPs) have been confirmed:
Law corporations to be subject to insurance policy terms and conditions
- MDPs will be required to maintain, through LAWPRO, at least the same amount of liability insurance for non-lawyer members of the MDP as the Law Society requires of its own practising members - currently a minimum coverage of $1 million per claim/$2 million in the aggregate.
- Non-lawyer partners will have insurance coverage for the professional services they provide for or on behalf of the MDP, but any services they continue to provide on their own outside the MDP would not be covered by the LAWPRO policy.
- Many of the requirements of the existing insurance program will apply equally to lawyer and non-lawyer members of an MDP. For example, non-lawyer members will have to carry the minimum Mandatory Innocent Party Coverage required of all lawyers in a partnership, and will be subject to the same transaction levy and claims history surcharges, where applicable.
LAWPRO has also clarified the insurance status of firms that are incorporated. Once authorized, law corporations (including their lawyer directors, officers and shareholders) will be subject to the same requirements and afforded the same insurance coverage as practising lawyers not working within professional corporations.
Lawyer mentoring program to be restructured
Recognizing the benefits that accrue to the bar through mentoring programs, LAWPRO and the Law Society will be developing a more structured mentoring program in the coming year. LAWPRO will absolve the mentoring lawyer of any liability to pay a DEDUCTIBLE or a claims surcharge for claims arising out of services provided by mentored lawyers participating in the mentoring program.
Premium credit program for CLE to be expanded
Starting in 2002, lawyers who participate in select legal and other educational programs approved by LAWPRO will be eligible for a credit of $50 per course taken, to a maximum of $100 per lawyer; this credit will be applied to each lawyer's 2003 insurance premium.
This initiative was prompted largely by the success of the premium credit offered by LAWPRO for lawyer participation in its Online Coaching Centre, a web-based, self-coaching tool used by about 4,000 lawyers and students in the last year. LAWPRO believes that enhanced knowledge of the law and practice management skills help reduce the likelihood that a lawyer will make an error or omission, thus reducing claims against lawyers.
LAWPRO is a wholly Canadian owned insurance company that currently provides professional liability insurance to approximately 18,000 Ontario lawyers, as well as title insurance through
its TitlePLUS program in numerous jurisdictions across Canada.