6 Ways OAMIC Has Your BackPhil Fraim
At Oklahoma Attorneys Mutual Insurance Company, we are proud to be the only local provider of legal malpractice insurance in the state. Lawyers professional liability insurance is our core product, not just a side offering. By focusing on providing only insurance lines and products that were designed to protect lawyers, we have built a unique company managed by Oklahoma attorneys for the sole benefit of Oklahoma attorneys. This laser focus allows us to provide benefits that national insurers just can’t match.
Being a single-line insurer focusing on the legal profession in Oklahoma is not just happenstance for OAMIC. We were founded by a group of Oklahoma attorneys to meet a growing crisis in the field of lawyers’ professional liability insurance that began in the 1970s. Demand for coverage was rising swiftly, but the multi-line national insurance companies were failing to provide products to meet the demand. Medical malpractice insurers began to offer some policies to lawyers, but it was outside their area of expertise and wasn’t a perfect fit. OAMIC was formed specifically to meet the needs of Oklahoma attorneys for malpractice insurance and began selling policies in 1980.
By 1992, OAMIC had developed a strong capital position and become a mutual company, returning excess funds to the insured members in the form of dividends. Our smart capital management strategy has kept the company financially strong and given us staying power. As a mutual company, OAMIC doesn’t have stockholders nor a commissioned sales staff, so premiums are kept low and members have received over $32 million in dividends over the years.
Beyond the benefits of dealing with a mutual insurer, another important benefit of coverage through OAMIC is that you’ll always be represented by top notch in-state attorneys. Our in-house attorneys and outside counsel live and work in Oklahoma, maintaining familiarity with our court system and expertise in our laws. When you face a malpractice lawsuit, knowing that you’ll have this level of Oklahoma expertise behind you instead of being left in the hands of an out-of-state adjuster makes all the difference.
Our years of experience as the only lawyers professional liability insurer endorsed by the Oklahoma Bar Association means that we have in-depth experience in defending over 3,000 legal malpractice claims in our state. Our database of Oklahoma claims is far larger than any other insurer in the market which allows us to analyze the root causes of claims and provide important risk management advice to our members.
WE’LL STAND BY YOU
Because we are an Oklahoma mutual company, we aren’t driven primarily by a profit motive like our competitors and we steadfastly stand behind our members, even when national insurers would refuse to renew policies that have experienced claims. We exist to protect Oklahoma attorneys.
VALUE-ADDED PRODUCTS AND SERVICES
We are continuously looking for additional products and services that will enhance our members’ financial well-being. This value-added approach differentiates us from other insurers. We were the first insurer in the state to recognize the need for cyber liability coverage and include it in our policies. Other endorsements such as employment practices liability can be added for a minimal cost to safeguard practices. In order to provide comprehensive protection for attorneys and law firms, we have also introduced office package policies and workers compensation insurance through a third-party partner specializing in property and casualty insurance for professional groups.
OAMIC is not just an insurer but an advocate for lawyers and the Oklahoma legal community. We are proud of the positive impacts this advocacy has had on our members and other stakeholders, and we look forward to meeting the insurance needs of our community for many years to come.