LAWPRO
LAWPRO is a privately held company based in Toronto, Ontario, that specializes in professional liability insurance and title insurance across Canada. Founded in 1995, it provides essential coverage and risk management services to legal professionals, primarily serving members of the Law Society of Ontario.
Company Overview
LAWPRO is a privately held company founded in 1995, specializing in professional liability insurance and title insurance across Canada. The company is headquartered in Toronto, Ontario, and operates independently from the Law Society of Ontario. LAWPRO provides primary insurance coverage for members of the Law Society of Ontario in private practice and offers a range of insurance products tailored to the legal profession.
Insurance Products
LAWPRO offers various insurance products, including legal malpractice insurance, title insurance, and risk management services. The company provides errors and omissions insurance to over 27,000 members of the Law Society of Ontario. Additionally, LAWPRO offers an optional excess insurance program, which can provide coverage up to $9 million per claim above the primary insurance limits. The TitlePLUS program provides comprehensive title insurance and legal services coverage for residential transactions.
Risk Management Initiatives
LAWPRO operates the practicePRO initiative, which focuses on educating lawyers about common legal malpractice risks and prevention strategies. The company also offers a Risk Management Credit program, providing a $50 premium credit for each qualifying Continuing Professional Development (CPD) program completed. This initiative aims to enhance legal practice management and reduce the incidence of legal malpractice claims.
History and Development
Incorporated in 1990 by the Law Society of Ontario, LAWPRO has operated independently since 1995. The company has grown to a medium-sized business with a team of 141 employees. Over the years, LAWPRO has consistently maintained an 'A (Excellent)' rating from A.M. Best Co., reflecting its financial stability and commitment to providing quality insurance services.
Coverage Options
LAWPRO provides a variety of coverage options to meet the needs of legal professionals. These include specialized coverage for criminal and immigration areas of practice, part-time practice, and innocent party coverage. The company also offers a Real Estate Practice Coverage Option for lawyers practicing in real estate law, ensuring comprehensive protection for diverse legal practices.