Excess Professional Liability Insurance Erin Boyle
Excess professional liability insurance protects professionals from the financial loss and civil liability that may incur as a result of negligent acts, errors and omissions during the performance of their professional services.
Compulsory professional liability insurance provided by the law society provides limits of $1 million per claim and $2 million in the annual aggregate (with the exception of Barreau du Quebec), which is inclusive of defense costs and other claim expenses. Unfortunately, one claim could exhaust your primary limit, leaving the partners of your firm exposed to significant out of pocket expenses. Excess insurance is there to provide you with additional financial security, should your primary policy limits be insufficient.
Our excess professional liability product provides comprehensive protection designed to protect lawyers and their firms from the risks facing their businesses arising from the performance of their professional services. It provides coverage in excess of the compulsory policy provided by the law society with the following features:
Sits excess over the Lawyer’s Compulsory Professional Liability Insurance policy and Compensation Funds provided by each Canadian Law Society
Intent to Renew Clause – this locks in your rate for the next renewal period, subject to the policy conditions. This allows for easy budgeting of your premium for the next renewal cycle
Automatic coverage for new lawyer(s) joining the firm after the effective date of coverage
Previous business extension, which provides protection for claims made against partners of the firm while at a former firm
Foreign Law Society & Non Canadian Law Endorsement
Worldwide Geographical Territory
In addition to sitting excess over the compulsory policy provided by the respective provincial law societies, our XLaw Professional Liability product includes the following additional coverage that may not be provided under either the compulsory professional liability policy or your current excess policy:
Employment Practices Liability – sub limit of CAD $250,000. This extension provides protection for allegations of wrongful employment practices. Our broadly written wording is designed to pick up a wide range of wrongful employment practice exposures, including: wrongful dismissal, wrongful demotion, discrimination, employment related misrepresentations, deprivation of career opportunity and much more.
Outside Directorship Liability – With a limit that matches your policy limit, this extension provides protection for directors & officers sitting on non-profit and private for-profit corporation boards domiciled anywhere in the World except for the USA. There is no requirement to provide schedules of directorship positions.
Dishonesty and Fidelity Extension – With a limit that matches your policy limit, this extension provides protection in the event your firm is legally obligated to pay sums for any dishonest, fraudulent, criminal or malicious act, or omission committed by a lawyer within your firm.