Pursuant to section 4.3(a) of the Policy and 6.08(2) of the Code of Professional Conduct, you are required to report a claim or potential claim as soon as practicable after learning of a Claim or becoming aware of circumstances that might constitute an Occurrence or give rise to a Claim, however unmeritorious.
If you know of any circumstances which might give rise to a claim against you or you think that you might have made an error in providing professional services, someone is making allegations that you have made an error, or you are concerned about a matter, please contact SLIA and report the matter.
Some examples of when to Report a Claim include the following:
Please contact SLIA for advice if you have any questions about how to proceed.
As set out in the Policy, Individual Deductibles are:
$5,000 per Occurrence, except for Claims arising as a result of:
(i) missed limitation periods or handling of a real estate matter, in which case the deductible is $7,500 per Occurrence; or
(ii) an Insured’s representation of two or more parties adverse in interest, in which case the deductible is $10,000 per Occurrence; or
(iii) an Insured’s compliance with the Western Canadian Conveyancing Protocol, in which case the deductible is $0 per Occurrence.
Under this policy, for coverage to be triggered, the claim must be made and reported during the policy period. The policy period runs from July 1 of any given year to July 1 of the following year.
We operate under a “claims made and reported policy”. Under such a policy, so long as a claim occurred during the existence of the policy and is reported in as soon as reasonably possible by the insured, insurance is triggered.