Insurance Archives - OAMIC: Legal Malpractice Insurance

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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, [...]

OAMIC Celebrates 40th Anniversary in 2020

Oklahoma Attorneys Mutual Insurance Company is proudly celebrating its 40th anniversary in the year 2020. OAMIC was founded in 1980, after a need for the company became clear to members of the Oklahoma Bar Association. In the late 1970s, the number of attorneys in the state of Oklahoma was increasing, but access to legal malpractice insurance was shrinking. This caused gaps in coverage, fluctuating rates and a lack of quality customer service. To solve this problem, a group of Oklahoma [...]

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 [...]

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, [...]

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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