What’s in a Name: Professional Liability, Legal Malpractice, Professional Indemnity, and Errors & Omissions

What’s in a Name: Professional Liability, Legal Malpractice, Professional Indemnity, and Errors & Omissions As a lawyer, you probably know that it’s in your best interest to have insurance in place to cover the legal services you provide. When looking into your insurance options, or even in conversations with other lawyers or professionals, you may have come across these terms: professional liability (PL), errors and omissions (E&O), malpractice and even professional indemnity. Have you ever wondered which of these is...

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,...

Claims: Not If but When

Claims: Not If but When The thought of a legal malpractice claim is stressful and unnerving. The truth is, however, lawyers should expect two to three claims in their careers, according to the American Bar Association. It’s not usually a matter of “if” it will happen – but “when.” Even if the claim doesn’t have any merit whatsoever, it still requires attention. The sooner we know about a claim, potential claim or incident, the better off you are. Reporting early allows us to immediately begin our claims process, and...

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...

How To Exercise Proper Due Diligence Before Closing the Doors to Your Law Practice

How To Exercise Proper Due Diligence Before Closing the Doors to Your Law Practice Walking away from a law practice is not as easy as turning off the lights and locking the door. It takes a bit of planning. The more organized your office is, the simpler those steps will be. If you already have a procedure to produce a list of client names and contact information for all open files, an up-to-date calendaring system with all deadlines and follow...

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...

An Attorney’s Perspective: Why Dividends Matter

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...

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...