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...

OAMIC Celebrates 40th Anniversary in 2020

OAMIC Celebrates 40th Anniversary in 2020 Oklahoma Attorneys Mutual Insurance Company is proudly celebrating its 40th anniversary in the year 2020. OAMIC was founded in 1980, after a need for the company became clear to members of the Oklahoma Bar Association. In the late 1970s, the number of attorneys in the state of Oklahoma was increasing, but access to legal malpractice insurance was shrinking. This caused gaps in coverage, fluctuating rates and a lack of quality customer service. To solve this...

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,...

PHIL’S CORNER: How Much Legal Malpractice Coverage is Enough?

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...

PHIL’S CORNER: When to Report a Claim

PHIL'S CORNER: When to Report a Claim Phil's Corner is a special column from OAMIC's President & CEO Phil Fraim that is sent in our e-newsletter each month. Has it ever crossed your mind whether you should report a matter that could potentially be the basis of a claim?  You may question the timing and whether there is even a need to report it to OAMIC, since it is uncertain if anything will actually come out of the issue. If you have...