Effective January 1, 2010, the Law Society approved an amendment to the
Real Estate Transaction Levy Surcharge Endorsement. The amendment applies to
title insured transactions completed on or after January 1, 2010.
The title insurers will indemnify and save harmless the lawyer from and
against any claims arising under the title insurance policy(ies), except for
the lawyer’s gross negligence or wilful misconduct. For all title insured
transactions completed on or after January 1, 2010 and provided that an insured
under the title insurance policy(ies) has not alleged that the title insurer
has acted in bad faith, the title insurer’s obligation to indemnify and save
harmless the lawyer is limited to the limit of coverage available under the
title insurance policy(ies).
The Law Society is pleased to announce that the title insurers listed
below have provided a Release and Indemnity Agreement in favour of Ontario
lawyers and law firms, in a form satisfactory to the Law Society:
Title (a division of Arch Insurance Canada Ltd.)
Title Insurance Company Canada
American Title Insurance Company
- Lawyers Title Insurance Corporation
- Stewart Title Guaranty Company
- TitlePLUS (Lawyers' Professional Indemnity Company)
- Travelers Guarantee Company of Canada
Please also note that the Release and Indemnity Agreements with the above title insurers will be renewed every year on January 1st of that year, for a one-year irrevocable term. Should a Release and Indemnity Agreement be terminated, the Law Society will notify licensees.