Am I insured against losses from counterfeit certified cheques and counterfeit bank drafts?
Effective January 1, 2010, coverage for practising insured lawyers under the LAWPRO insurance program is broadened to include a limited form of overdraft protection in relation to their PROFESSIONAL SERVICES for frauds involving the deposit of COUNTERFEIT CERTIFIED CHEQUES AND COUNTERFEIT BANK DRAFTS into lawyers trust accounts. This protection is subject to a number of restrictions: • A sub-limit of $500,000 per claim/aggregate per lawyer and per firm, applicable to indemnity payments, claim expenses and/or costs of repairs; • The minimum DEDUCTIBLE that will apply is $5,000 applicable to indemnity payments, CLAIM expenses and/or costs of repairs. If you had opted for a higher DEDUCTIBLE as shown in your POLICY Declarations, this higher DEDUCTIBLE will apply. (Note that this provision also applies in relation to those CLAIMS involving COUNTERFEIT CERTIFIED CHEQUE(S) AND COUNTERFEIT BANK DRAFT(S) that do not result in an overdraft position); • The lawyer and firm must wait eight full b
