Trust protection coverage now in effect
The 2004 compulsory professional liability insurance policy, a copy of which is enclosed in this mailing as Member's Manual amendment pages, now provides coverage, not only for negligence (Part A), but for claims arising from the theft of money or property by any BC lawyer relating to his or her practice of law (Part B or "trust protection" coverage). With the addition of Part B coverage, the Law Society has consolidated the processes for responding to claims in which a member of the public suffers a loss when dealing with a lawyer.
Part B coverage responds to claims previously dealt with by the Law Society's Special Compensation Fund. Although the Special Compensation Fund will continue to resolve existing claims, all new claims made on or after May 1 will be considered and dealt with under Part B and handled by the Lawyers Insurance Fund.
For details, see the Insurance Issues, 2004 No. 2.