The Lawyers Insurance Fund manages the Law Society’s insurance program for BC lawyers.
We are 13 lawyers, a paralegal and 6 administrative assistants, dedicated to maintaining the program’s exemplary standards and achieving exceptional results for our insured lawyers. The majority of our work involves claims-handling in relation to the negligence claims and potential claims lawyers report under the program’s professional liability insurance. Ten of our lawyers act as Claims Counsel, investigating and managing claims, in relation to the 1,000 or so reports we receive each year.
Coverage and underwriting
We evaluate the risk of paying claims under the policy on behalf of the lawyers we insure. Through accurate and comprehensive claim file statistics and payment information, we monitor trends and specific risks. We keep a close eye on legal and other developments that may create new liability exposure for lawyers. We give lots of information about the scope and limits of our insurance coverage, so lawyers understand how coverage operates and when they may need to buy additional insurance on the private market.
We help lawyers protect themselves from the risk of a negligence claim. With our unique position as the single insurer for all lawyers in the province, we have detailed information relating to every matter reported since 1986. That data, as well as our ongoing monitoring and analysis of specific risks, allows us to publish and speak to lawyers on how to practice safely.
Fraud prevention services help lawyers protect themselves from becoming the tool, dupe or victim of a fraudster. We know the risks to lawyers of a real estate or promoter fraudsters using a lawyer to facilitate their scheme. We also know that lawyer's trust accounts have become the targets of other fraudsters through stings such as the 'bad cheque' scam. We alert the profession to new frauds we discover, and offer a wealth of tips to help lawyers manage the risk.
Compensation program for lawyer theft
We also manage the Law Society's compensation program for lawyer theft. As the Law Society uses its own insurance company to underwrite the risk and pay claims, the program has full control over claims and coverage. This ensures that we are able to implement initiatives designed to respond to the needs of BC lawyers, as directed by the Benchers.