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

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...

Factors in LPL Pricing

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...

PHIL’S CORNER: What Do Split Limits Mean?

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,...

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

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...

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

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...

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

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...

COVID-19 Pandemic Brings Questions About Business Interruption and Loss of Income Coverage

COVID-19 Pandemic Brings Questions About Business Interruption and Loss of Income Coverage 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...

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

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...

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

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...

PHIL’S CORNER: What Differentiates Successful Law Firms

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,...