The Estate Lawyer As Insurance Underwriter

What happens when you, the lawyer, fail to secure title insurance on a real estate transaction when instructed to do so? A recent article in The Lawyer’s Weekly suggests that the lawyer becomes responsible for everything the policy would’ve covered even if the range of insurance protection exceeds the normal standard of practice within the “opinion on title” context.

Next, how about the estate solicitor failing to speak to the availability of executor insurance during the estate administration discussions? When the litigation commences, is it reasonable for the executor or the beneficiaries to look to the estate solicitor for the full scope of protection that would be available from an executor insurance policy (including defense costs, indemnity, and posting of bonds, etc. during litigation) as a result of the lawyer not bringing it to their attention in time to purchase it?

 

As a lawyer, are you concerned that the matter is important, but uncomfortable with a detailed insurance discussion? Give your client an ERAssure® brochure and refer them to ERAssure® or their  insurance broker – and document your file accordingly. It’s a good opportunity to stay in the advice business but out of the insurance claims business.

For a list of ERAssure Estate Service Providers in your area

Estate Services Directory

Are you Currently Acting
as an Executor?

Executors can be held personally liable for actions they take in estate administration. Talk to one of our Estate Risk Professionals today for your free estate risk analysis.

1-855-636-3777   


Downloadable Resources

Want more information on planning, preparing and administering an estate? Download our easy to use reference guides and resources to help you along the way.

 

  • Executor Liability Insurance - Return the completed application to our office to find out if you are eligible for executor liability insurance.

 

  • Fiduciary Bonds - Have you been asked to provide a bond for the estate? Download the application and follow the directions to apply for a bond.

 

  • Free Executor Guide - If you have been asked to be an executor or are acting as an executor this guide will help you understand your responsibilities and help track your activities.

 

  • Free Will Preparation Guide - A step to step guide to the questions you will need to address when preparing your will.

  


Learn Mary's Story

Did you know the executor of your estate has unlimited personal liability?

Find out more

 

ERAssure is the exclusive Preferred Supplier of executor E&O insurance for Canadian Bar Association members.

ERAssure® is the exclusive Preferred Supplier of Executor Insurance for clients of Canadian Bar Association members.