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Indemnity payments are made on approximately 20 % of the files reported each year. The average severity for incurred losses is $9,268. The areas of law in which claims arise remains fairly constant. However, there is a difference in the average cost of claims by area of law. Corporate, which is one of the areas of law in which claims are least likely to occur, has the highest average severity at $17,682.
The Fund incurs legal expenses on approximately 30 % of the files reported each year. The remaining 70 % of the claims are handled directly by staff. The Fund has a staff of 5, including 2 claims examiners whose primary responsibility is the management and resolution of claims. Claims valued at $50,000 and over are reviewed on a regular basis with the Claims Committee which provide direction and settlement authority. Over the past year Fund staff have completed the design of a website which currently hosts a Real Estate Resource page which includes the NSBS Professional Standards for Real Property Transactions. The Fund’s website can be found at www.nsblcf.ca One area of focus for the coming year will be the development of an active loss prevention program. We anticipate that the website will be instrumental in the distribution of loss prevention resources over the coming year. Deborah Rozee |
