banner banner

Insurance & Risk Management

I am a new lawyer, do I have to have insurance? I have existing insurance, do I need the Law Society’s insurance?

All lawyers in private practice must purchase the Law Society’s mandatory professional liability insurance coverage. Excess insurance coverage is voluntary. Further, all practicing lawyers must pay an annual fee to maintain the Assurance Fund.

For more information, please see Insurance & Risk Management > Coverage

A claim has been filed against me, when do I have to report this to the Law Society?

All insured members are are required to report a claim or potential claim as soon as possible after learning of it.

To report a claim a member must complete a New Claim Report and provide this form and all relevant file documentation to the Insurance and Risk Manager.  While this form can be provided by mail or e-mail, we encourage use of a courier and requiring a signature.

The claim will be investigated by the Insurance & Risk Manager and monitored by the Claims Review Committee. At any time during the process, the Insurance & Risk Manager is happy to answer questions.

For more information, please see Insurance & Risk Management > Reporting a Claim

I have professional liability insurance coverage ~ am I covered in the case of a data breach or other cyber attack?

Yes, Part D of the Insurance Coverage provides coverage for cyber attack. This does require that the firm has taken all reasonable steps to protect their computer systems and data.

For more information, please see Insurance & Risk Management > Coverage

What is the transaction levy?

The transaction levy is a fee that is required to be paid by lawyers each time they engage in litigation, personal property, or real estate transactions. This fee was instituted to support the Lawyers Professional Liability Insurance Program, which in turn provides essential protection for members engaged in the above noted transactions.

Rule 10.04 of the Law Society Rules explain about how the required transaction levy fee is to be applied as well as exemptions. A Transaction Levy Summary Form, form 10.04A, as well as accumulated levy monies, are to be remitted on a quarterly basis to the Insurance and Risk Manager.

How do I know how many levies are required and what is the fee structure?

On the Transaction Levy page on our website, we have listed the number and type of levies per transaction.

The current rates have been in effect since 2016, and are as follows*:

  • Real estate transactions = $30.00 per transaction
  • Civil proceedings transactions = $75.00 per transaction
  • Personal property transactions = $35.00 per transaction

*Please note that all fees are subject to change and you should confirm with the Insurance and Risk Manager before remitting transaction levy fees to the Law Society.

Managing risk in my practice is a huge responsibility ~ can the Law Society help me do this?

We encourage members to review our Managing Risk section where you will find tips for loss prevention, frauds and scams, and mortgage fraud.

The Law Society also has a mentorship program where experienced practicing insured members provide less experienced members with assistance on a specific file.

Please see the Mentoring Program section on our website for program and participation details.