Trust protection coverage for theft (Part B)
Information for the public about trust protection coverage
“Trust protection coverage: the first ten years” (Lawyers Insurance Fund: Special Report)
Trust protection coverage ensures that innocent members of the public do not suffer a financial loss through theft by a BC lawyer.
Trust protection coverage insures all members of the Law Society of BC for claims arising from the theft of money or property relating to the member's practice of law. The insurance is provided under Part B of the Policy and provided to lawyers even if you do not pay the annual insurance fee.
Trust protection coverage offers an annual aggregate limit, profession-wide, of $17.5 million. Each claimant may recover up to $300,000 per claim. If the claim arises out of the lawyer's inter-jurisdictional practice, different limits apply.
Note re inter-jurisdictional practice: Lawyers practising temporarily pursuant to the national mobility regime are required to have defalcation coverage from a Canadian governing body that extends to the lawyer’s practice in the reciprocating jurisdiction. Part B of the policy satisfies that requirement.