Benchers have approved a number of Loss Prevention Initiatives developed by the Insurance Committee as part of the Law Society’s ongoing risk management.
A Loss Prevention Self-Assessment Checklist has been developed with a particular focus on addressing the following top three causes of insurance loss, which together represents 95% of insurance claims:
1. Systems/Procedures/Administration: missed deadlines (ex. limitations), poor office procedures and time management errors (51%)
2. Communication: Failure to follow client’s instructions, poor communication with client/others (33%)
3. Law: Failure to know and properly apply the law (11%)
The Checklist is being offered as a tool and resource for members, completion of which will qualify for a credit toward the Mandatory Continuing Legal Education activity.