XN Risk offers new law liability policy

XN Holdings, parent company of XN Risk Insurance Services (Canada) Inc. recently launched a Law Firm Management Liability Policy designed address a wide range of liabilities law firms may confront from customers, suppliers, job applicants and employees, unrelated to the provision of legal services.
Policy limits are routinely available up to Cdn$5 million in the aggregate over a minimum retention of Cdn$10,000, while limits of up to Cdn$10 million can be made under select circumstances.
“Recent amendments to provincial partnership legislation have impacted the governance structure of law firms, while expanding firms have recognized that management on the part of the entire partnership is impractical,” XN Risk’s managing director Phil Hoyt, says. “Many law firms are now operating as limited liability partnerships with a governance structure wherein decisions are made by legal professionals and non-lawyer executives. These practical imperatives give rise to a host of liabilities un-addressed by traditional programs.”
The Law Firm Management Liability Policy provides critical liability coverage for errors and omissions arising in the governance of limited liability partnerships including claims from staff lawyers, non-professional staff, customers and suppliers, liability coverage for wrongful employment practices. Outside directors and officers coverage (ODL) for lawyers in a limited liability partnership who hold positions on outside Boards of privately held companies is automatic, with certain allowances possible as respects ODL for lawyers in a LLP who hold positions on outside Boards of publicly traded companies.
XN Holdings CEO Dan Anber believes this new policy “reflects the broadest coverage currently available in the Canadian Market for governance liability arising out of the operations of a limited liability law firm.”
XN Risk Insurance Services (Canada) Inc.’s Law Firm Management Liability Policy is supported by Lloyd’s of London.