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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PHIL’S CORNER: The History and Benefits of Mutual Insurance Companies + 2019 Dividend Info

Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim that is sent in our e-newsletter each month.Did you know the formation of mutual insurance companies dates back to the actual roots of modern-day insurance? This is something I couldn’t help but recall when reflecting on the fact that this is the 40th anniversary of OAMIC. I have always found the story interesting. In 1752, Philadelphia was a small town of approximately 15,000 inhabitants. They were cognizant [...]

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PHIL’S CORNER: Cycles in the Insurance Industry – Here’s How It Affects You (And Us, Too)

Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim that is sent in our e-newsletter each month.For nearly 40 years, OAMIC has been the only local provider of legal malpractice insurance that is based in the state of Oklahoma. We take great pride in our local roots and do our best to be your MVP – Most Valuable Partner. Part of that MVP role includes having an open dialogue with our insureds about today’s insurance market, [...]

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PHIL’S CORNER: What Differentiates Successful Law Firms

Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim that is sent in our e-newsletter each month.Have you ever thought about attempting to map out a strategy to achieve guaranteed year-over-year revenue growth for the firm?   Maybe you’ve actually considered ways to attract additional clients to the firm. We read about the increasing need for people and companies who struggle to solve their legal problems. At the same time, a good number of law firms [...]

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PHIL’S CORNER: How Much Legal Malpractice Coverage is Enough?

Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim that is sent in our e-newsletter each month.The number one question I get asked by our insureds is, “What limits do I need?” It’s a tough question to answer, because no magical formula exists. I often facetiously tell people that if they can tell me what they’ll be sued for, we can set the limit very accurately. Absent that ability, we have to focus our attention [...]

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PHIL’S CORNER: When to Report a Claim

Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim that is sent in our e-newsletter each month. Has it ever crossed your mind whether you should report a matter that could potentially be the basis of a claim?  You may question the timing and whether there is even a need to report it to OAMIC, since it is uncertain if anything will actually come out of the issue. If you have ever wondered about when to involve [...]

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How the Legalization of Medical Marijuana Affects Oklahoma Attorneys

When Oklahoma voters passed State Question 788 on June 26, 2018, medical marijuana became legal in the state. Questions started flooding in immediately about how the law would actually operate and be enforced, and how soon medical marijuana would be available to consumers. But the law affects more than just those who choose to partake in growing, selling or even consuming marijuana — and that includes lawyers. This blog explores legal malpractice insurance as it relates to medical marijuana [...]

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8 Ways to Avoid Legal Malpractice Claims

While legal malpractice claims may not be commonplace for lawyers, according to the American Bar Association attorneys in private practice have a 4-17% chance of being sued for malpractice each year. There is no iron-clad solution for preventing malpractice claims; however, there are several steps you can take to help prevent suits which can result in costly and time-consuming legal battles. 1. USE A CALENDAR SYSTEM AND MEET ALL DEADLINES Missing deadlines is the leading source of legal malpractice suits. Failure [...]

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6 Ways OAMIC Has Your Back

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 [...]

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10 Questions to Ask When Looking for Legal Malpractice Insurance

Too often the purchase of insurance – sometimes even legal malpractice insurance – is treated like commodity shopping, weighted heavily on price. Many policyholders only read and research their coverage when faced with a claim, only to find they are unsure how their policy will work. But what should you evaluate when reviewing/comparing lawyers professional liability coverage? Let’s go through the basics. 1. WHAT SHOULD MY LIMIT OF LIABILITY BE? The limit of liability question is perhaps the hardest to exactly [...]

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