Insurance

Mandatory Insurance

The Policy is a Claims Made and Reported Policy which provides that so long as a claim occurred during the existence of the policy and is reported as soon as reasonably possible by the insured, insurance is triggered.

Lawyers’ Professional Liability Group Policy (Policy No. 28004, July 1, 2015 – July 1, 2016)

Excess Insurance

Saskatchewan Lawyers’ Insurance Association Inc. is a member of the Canadian Lawyers Insurance Association which is a reciprocal insurance exchange which offers liability insurance to lawyers licenced by a law society.  CLIA also provides voluntary excess insurance to lawyers licenced by a law society.

New applications for the Voluntary Excess Program may be found here.

Insurance During Retirement

Once you retire you continue to be responsible for the legal services you provided prior to your retirement.  When you retire you will remain covered by the $1 Million mandatory coverage provided by SLIA and you will not have to pay the annual levy for that coverage.  You remain covered for any legal services you provided prior to your retirement.

However, excess coverage is treated differently.  For your excess coverage the insurance limits available to you are those in place at the time the claim is made against you not at the time you performed the work on which the claim is based.  If you want to have excess coverage during your retirement years you have to maintain an excess insurance policy.  If you were in a firm that purchased excess insurance through SLIA/CLIA then you retain that excess insurance coverage so long as your former firm maintains that excess policy.  In addition, you can purchase excess coverage on an individual basis provided you had that excess coverage on the date you retired.  Accordingly, if on the date you retire you have excess coverage (either as a member of a firm or as a sole practitioner) you can purchase excess coverage for your retirement years.  The rates are the standard rates set out below and the limits of liability are in addition to the mandatory $1 Million coverage.

Limit of Liability Premium
$1,000,000 per occurrence /and $1,000,000 per aggregate $343/year
$2,000,000 per occurrence /and $2,000,000 per aggregate  $504/year
$3,000,000 per occurrence /and $3,000,000 per aggregate $589/year
$4,000,000 per occurrence /and $4,000,000 per aggregate $624/year
$9,000,000 per occurrence /and $9,000,000 per aggregate  $873/year

 

Outside Directorship Liability Insurance

If you are involved as a Director or Officer of an outside organization, one of the benefits of membership in the Law Society of Saskatchewan is a policy of insurance covering various types of claims made by reason of such services.  The scope of this Policy and its various exceptions should be examined to ensure it provides adequate protection in your particular situation.