BOCA RATON, Fla.- LAWFUEL – The Law News Network –Feb. 23, 2006–XN Holdings, parent company of XN Risk Insurance Services (Canada) Inc., today announced the launch of a Law Firm Management Liability Policy designed to meet the evolving needs of Canadian legal professional firms.
The groundbreaking Law Firm Management Liability Policy is the first of its kind in Canada designed to 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 $5,000,000 CDN in the aggregate over a minimum retention of $10,000 CDN, while limits of up to $10,000,000 CDN 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,” said XN Risk’s Managing Director Phil Hoyt. “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 unaddressed 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 Risk continues to innovate by packaging adapted insurance products that respond to the changing governance environment in Canada,” said XN Holdings CEO Dan Anber. “The Law Firm Management Liability 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”.
“This new product is a tool of unquestionable value in a law firm’s efforts to mitigate its management liability exposures”, said Eric Dolden, Partner at Vancouver-based law firm Dolden Wallace Folick, counsel for XN Risk.
XN Risk Insurance Services (Canada) Inc.’s Law Firm Management Liability Policy is supported by Lloyd’s of London. Lloyd’s is the world’s leading specialist insurance market with an A claims-paying rating from AM Best and an A+ rating from Standard & Poor’s.
About XN Risk
XN Risk is a premier, Web-based service provider for today’s far-sighted privately owned companies, offering information, products and services designed to soothe worries and answer uncomfortable questions surrounding executive error, misconduct, and liability. XN Risk offers comprehensive insurance solutions that embrace the versatility, simplicity and security that modern businesses require. XN Risk Insurance Services (Canada) Inc is a wholly-owned subsidiary of Boca Raton-based XN Holdings, Inc. For more information on XN Risk, please visit www.xnrisk.ca.
About XN Holdings
XN Holdings is a leading online provider of insurance and financial products designed specifically for the needs of expatriates and internationally mobile employees. XN offers both corporate- and association-sponsored employees “24/7” global access to personalized insurance and financial information through both the Web and a multilingual call center. XN enables expatriates to access customized products and information designed to ease common concerns about security issues, health care, travel arrangements, relocation and tax planning. XN Holdings is headquartered in Boca Raton, Florida, with the Global Service Center in Montreal, Canada. For an in-depth look at XN, please visit www.xn.com.
XN Holdings, XN Risk and XN Financial Services are registered trademarks of XN Holdings, Inc. in the United States, and other countries.