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: 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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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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What Is Email Wire Transfer Fraud and How To Prevent It

Scamming people for money is not a new concept but it has gotten much more sophisticated as technology continues to advance. Email wire transfer fraud is one of the most common types of fraud. In 2018 alone, the FBI received more than 20,000 email wire fraud complaints with adjusted losses of more than $1.2 billion, according to the the organization’s 2018 Internet Crime Report. Attorneys can be an easy target for cybercriminals because they often wire money to or on [...]

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