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. [...]

Read more...

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 [...]

Read more...

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 [...]

Read more...

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 [...]

Read more...

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 [...]

Read more...

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 [...]

Read more...

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 [...]

Read more...

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, [...]

Read more...

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 [...]

Read more...

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 [...]

Read more...