PHIL’S CORNER: Moving Past Diversity to Inclusion

Co-written by Phil Fraim and Zindaba Tembo FROM DIVERSITY TO A DIVERSE TEAM Phil Fraim, President and CEO The topic of diversity and inclusion is an important one. However, it is also one that people have heard so many presentations about and been involved in so many educational or training sessions on that they have become weary or desensitized. That is not to infer this is a reasonable reaction, or even understandable. Rather, merely an observation based on statements some have made. Someone [...]

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PHIL’S CORNER: Completing the Firm’s Insurance Needs

Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim that is sent in our e-newsletter each month. No big surprise that professional liability insurance is the biggest need for law firms, since it represents the largest exposure for lawyers, as well as other professions like doctors, accountants and architects. For that reason, we will never take our eye off the goal of being the very best professional liability insurer for the Oklahoma legal community. Any business, including [...]

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PHIL’S CORNER: Impact of COVID-19 on LPL Claims – If Any

Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim that is sent in our e-newsletter each month.So far in 2020, claims in our office have been improved both in the number of new matters and the average size of those matters. Is this a false sense of security, the calm before the storm? It is way too early in the game to make predictions on what is known as a relatively long-tail line of coverage. [...]

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Factors in LPL Pricing

A common question from prospective insureds is how much does coverage cost? That is a tough one for which to craft an answer. As you might imagine, some of it depends upon the limit and, to a lesser degree, the deductible. There are also other factors that have an impact, even if in a smaller way. We previously discussed adequate or appropriate limits for the firm, so here we’ll examine factors that influence rating below. Limits and Deductible If you think [...]

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PHIL’S CORNER: What Do Split Limits Mean?

Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim that is sent in our e-newsletter each month.Most professional liability polices provide different limits, or maximum dollar amounts that will be paid, for different areas. This differs from a typical general liability (GL) policy that is normally written on a combined single limit (CSL) basis. As an example, a 1M CSL GL policy will pay a maximum of $1 million, regardless of whether the claim involves [...]

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PHIL’S CORNER: If LPL Is Important, Are Limits Also?

Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim that is sent in our e-newsletter each month.Most of the good, conscientious lawyers I know support the idea of the importance of lawyers professional liability insurance (LPL) and would not think of practicing without it. This is not because they think they are prone to mistakes, don’t know the law or are inexperienced. The fact is, they fight against the same mental impediment to effective risk [...]

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PHIL’S CORNER: Business Interruption Coverage – The Battle Royale

Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim that is sent in our e-newsletter each month.When “sheltering-in” first began, I wondered how long it would take for questions to arise about whether COVID-19 triggered Business Interruption (B.I.) coverage within property policies. It didn’t take too long before lawsuits were filed and some of them were actually filed before a claim was presented, let alone a denial received. I fielded a few questions about OAMIC’s policy and whether any [...]

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PHIL’S CORNER: Explaining Gaps in Coverage + Prior Acts

Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim that is sent in our e-newsletter each month.Hopefully all of you are more aware of coverage nuances within the claims-made policy forms from past articles and video information in the Resources section of our website. As mentioned before, there are no big downsides to a claims-made form as long as continuity of coverage is maintained and gaps in coverage are avoided. Remember, within the scope of [...]

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COVID-19 Pandemic Brings Questions About Business Interruption / Loss of Income Coverage to Forefront

In the last couple of days, you have likely thought more about business interruption (BI)/loss of income coverage than ever before. It is often viewed as one of those “it can’t happen to me” coverages. Thankfully, compared to many other businesses and professions, lawyers can work from most anywhere. But, if the clients won’t come in, depos are cancelled or courts are closed, your earnings could still be impacted. So, the first thing you might wonder is what OAMIC might [...]

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PHIL’S CORNER: Communicating With Us During COVID-19

Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim that is sent in our e-newsletter each month.As you know, COVID-19 has become more of a disruption in our state than we thought it might a week or so ago. This is a challenging time, and we know that the health and welfare of your attorneys, staff and clients are your top priorities right now. As insurers, business continuity is of the utmost importance to us and [...]

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