Notice to Practising Insured Members
Benchers have approved a number of Loss Prevention Initiatives developed by the Insurance Committee as part of the Law Society’s ongoing risk management which will be introduced to members in the coming months.
The first, 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 (55%)
2. Communication: Failure to follow client’s instructions, poor communication with client/others (28%)
3. Law: Failure to know and properly apply the law (12%)
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 for 2016.