An Attorney’s Perspective: Why Dividends Matter
As you likely know, the OAMIC Board of Directors recently declared a policy dividend for all policies in effect at the end of 2019. The year 2020 marks OAMIC’s 40th anniversary, and we are so proud to issue this dividend, which is our 26th consecutive one. (Checks are in the mail as I write this!)
I’m new to OAMIC, joining the claims team in August of 2019, after more than 10 years at a local law firm. And, as an attorney, there are several reasons why receiving an annual dividend is important to me. If you’re like me, you purchase insurance for the year and then don’t think too much about it (unless, of course, you need it). Thus, I’m always pleasantly surprised to receive that extra dividend money. It’s kind of like when you put your winter coat on the first time it gets cold, and you find some cash in the pocket.
Receiving a dividend also gives me the sense that the carrier is investing back in me. I realize a variety of business considerations dictate the decision whether to declare a dividend, and the fact OAMIC does so year after year gives me the sense that the company is confident in my abilities as an attorney. To me, that speaks volumes.
Perhaps most importantly, the declaration of a dividend gives me confidence that not only is the company stable, it handles claims in the best possible ways for its insureds. Research has shown that attorneys should not expect to escape their entire legal career without a claim, a finding that surely gives us attorneys pause. When a dividend is declared, my every confidence in the carrier is sustained. I know that the company has my interests at the forefront of every claim decision. In the event you find yourself in the position of defending a claim, you can rest assured that OAMIC will provide expert knowledge and resources, in order to obtain the best possible result for you.
Certainly, dividends are never guaranteed. The legal landscape is constantly changing, and it can be difficult to plan from year to year. However, the possibility of receiving a dividend is just one benefit to choosing a mutual company as your insurance carrier. OAMIC is proud of its track record in this regard, and we see it as an important assessment in how well we are serving our policyholders. Give us a call today to discuss how OAMIC may be able to serve your legal malpractice needs.