The Lawyers Insurance Fund manages the Law Society’s insurance program for BC lawyers. Through the BC Lawyers’ Compulsory Professional Liability Insurance Policy, the program provides the following insurance:
- Professional liability (for negligence) (Part A) to protect lawyers if they are liable for negligence and ensure that clients receive compensation to which they are entitled;
- Trust protection (for dishonest appropriation) (Part B) to ensure that innocent members of the public do not suffer a financial loss through theft by a BC lawyer;
- Trust shortage liability (for reliance on fraudulent certified cheques or misrepresentations) (Part C) to provide some protection for lawyers if they fall victim to the "bad cheque" or other "social engineering" scams, helping ensure that clients do not suffer a financial loss.
The program also offers optional business innocent insured cover (BIIC) for business-related claims that the Policy does not cover. Both the Policy and the optional insurance are issued by the Law Society through its wholly-owned subsidiary, the LSBC Captive Insurance Company Ltd. Excess insurance is available in the private market.
The current policy is LPL 17-01-01. The terms and conditions of the Policy are revised from time to time. Consolidated policies are issued every few years, and renewal endorsements other years. Policies and endorsements issued since 1999.
Each year, the Lawyers Insurance Fund reports on the insurance program and policy in Insurance Issues: Program Reports. The program report includes any policy wording changes as well as statistics on claims and potential claims.
The Lawyers Insurance Fund protects the profession and the public from the risks associated with the practice of law by providing high quality professional liability and defalcation insurance. We draw on our knowledge and skill as experienced lawyers in providing claims and risk management, and underwriting services. Our professional and cost-effective services have been recognized as a best practice model for other professional liability insurance programs worldwide.