PHIL’S CORNER: 2021 Policy Dividend – a Loyalty Reward

PHIL’S CORNER: 2021 Policy Dividend - a Loyalty Reward The OAMIC Board of Directors recently declared a policy dividend of approximately 5% of the earned premium for annual policy limits up to $1 million. This equates to about $448,000 to be paid to policyholders who have a current policy as of the Dec. 31, 2021, record date. I like to think of this year’s divided as a reward to those loyal policyholders. It is also a means to reduce your net cost...

PHIL’S CORNER: Employment Practices Liability Insurance, Even for Solos & Small Firms

PHIL'S CORNER: Employment Practices Liability Insurance, Even for Solos & Small Firms Did you know employment practices liability coverage (EPL) can be added to your lawyers professional liability (LPL) policy? Have you seriously considered it from a cost/benefit standpoint? The answer is obviously yes if your firm has added it, as about 47% of our insured firms have. If not, is it because you are uncertain about what it covers and the underlying exposure? In 2020, the EEOC received approximately 70,000 discrimination...

PHIL’S CORNER: With A Little Help From Our Friends

PHIL'S CORNER: With A Little Help From Our Friends I know, now you will be singing that song – or at least that line – the rest of the day! With all the uncertainties the past couple of years, we are even more thankful for our insureds (friends) than ever before. That is appropriate for this time of year. One thing the pandemic has taught us out of necessity, even if not the desired method, is that we can accomplish a decent...

PHIL’S CORNER: Managing Your Clients’ Expectations

PHIL’S CORNER: Managing Your Clients’ Expectations A couple of things make it increasingly difficult to achieve client satisfaction in the provision of legal services. Starting out with a disgruntled client who is never happy and has already been to four other lawyers creates a mountain that is very difficult to climb. But, the other very tough situation is a client who begins with expected results that are probably impossible to ever obtain. What Do You Want? Several years ago, a very experienced lawyer...

PHIL’S CORNER: Prior Acts – the 2nd Trigger of Coverage

PHIL’S CORNER: Prior Acts - the 2nd Trigger of Coverage Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim. We have made an effort to make sure policyholders have an understanding of a claims-made policy, on which professional liability is written. The easiest means to do so is to focus on the major differentiations from an occurrence-based policy. What is known as the “first trigger” of coverage in a claims-made form is that a policy must be in effect...

PHIL’S CORNER: Dividends – Sharing Our Efforts

PHIL’S CORNER: Dividends – Sharing Our Efforts Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim. I am sure the favorite envelope you receive from us has to be the one containing the policy dividend check. In all honesty, it is our favorite one to send because it means we had something left in which to share with you, recognizing your efforts that made it possible. What a crazy year 2020 turned out to be. Yet, with all the...

PHIL’S CORNER: Unexpected Reasons I’m Thankful for 2020

PHIL’S CORNER: Unexpected Reasons I'm Thankful for 2020 Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim. You know, I started to say, “Thank you for 2020,” but man did I have to quickly rephrase that one! No doubt we are strengthened by adversity, but I have serious doubts anyone was sad to see 2020 sail on by. The most difficult part was not being able to predict when it might all get back to normal – whatever...

PHIL’S CORNER: Thank You

PHIL’S CORNER: Thank You Phil’s Corner is a special monthly column from OAMIC’s President & CEO Phil Fraim. I started to write something regarding a different subject matter, but during this year when it seems like COVID-19 and many things have made it a difficult and trying time, it hit me how grateful I am for many things. With all the adversity and uncertainty, that may seem like an unusual attitude, even bordering on Pollyanna-ish. Yet, if we can step back and...

PHIL’S CORNER: Moving Past Diversity to Inclusion

PHIL'S CORNER: Moving Past Diversity to Inclusion Co-written by Phil Fraim and Zindaba Tembo From Diversity to a Diverse Team Phil Fraim, President and CEO The topic of diversity and inclusion is an important one. However, it is also one that people have heard so many presentations about and been involved in so many educational or training sessions on that they have become weary or desensitized. That is not to infer this is a reasonable reaction, or even understandable. Rather, merely an observation based...

PHIL’S CORNER: Completing the Firm’s Insurance Needs

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...