OAMIC: Legal Malpractice Insurance - Resources

Understanding Your Claims-Made Insurance Policy

Understanding Your Claims-Made Insurance Policy In the insurance world, there are two main types of policies -- occurrence and claims-made. You're likely to be most familiar with occurrence policies, as this is how your home and auto insurance work. Legal malpractice insurance is written as a claims-made policy and it's a bit more complex. Read below to learn about claims-made policies, or watch this video: A Quick Overview of Occurrence Policies With occurrence coverage, the policy covers losses that take place during...

6 Ways OAMIC Has Your Back

6 Ways OAMIC Has Your Back At Oklahoma Attorneys Mutual Insurance Company, we are proud to be the only local provider of legal malpractice insurance in the state. Lawyers professional liability insurance is our core product, not just a side offering. By focusing on providing only insurance lines and products that were designed to protect lawyers, we have built a unique company managed by Oklahoma attorneys for the sole benefit of Oklahoma attorneys. This laser focus allows us to provide benefits...

6 Areas of Practice with the Most Frequent Malpractice Lawsuits

6 Areas of Practice With the Most Frequent Malpractice Lawsuits Legal malpractice lawsuits can be costly for any law firm, but the potential cost of malpractice claims can vary significantly based upon the areas of law concerned. Some areas have a high frequency of lawsuits filed, while others have more severe costs of defense and settlement. Knowing where your area of practice stands in this regard is important when looking for suitable legal malpractice insurance. Analyzing recent trends in malpractice...

What Is a Step Rate and How It Affects the Cost of Legal Malpractice

What Is a Step Rate and How It Affects the Cost of Legal Malpractice Legal malpractice is priced using what’s called a step rating methodology. But what exactly does that mean? Watch this video to learn more, or continue reading below. Envision your career as a step ladder. When you’re a young lawyer, you’re on the first rung of the ladder. You’re starting to acquire work and your coverage is just starting, too. Your exposure is small because you haven’t done much legal work yet. Because...

What Is Email Wire Transfer Fraud and How To Prevent It

What Is Email Wire Transfer Fraud and How To Prevent It Scamming people for money is not a new concept but it has gotten much more sophisticated as technology continues to advance. Email wire transfer fraud is one of the most common types of fraud. In 2018 alone, the FBI received more than 20,000 email wire fraud complaints with adjusted losses of more than $1.2 billion, according to the the organization's 2018 Internet Crime Report. Attorneys can be an easy target...

10 Questions to Ask When Looking for Legal Malpractice Insurance

10 Questions to Ask When Looking for Legal Malpractice Insurance Too often the purchase of insurance – sometimes even legal malpractice insurance – is treated like commodity shopping, weighted heavily on price. Many policyholders only read and research their coverage when faced with a claim, only to find they are unsure how their policy will work. But what should you evaluate when reviewing/comparing lawyers professional liability coverage? Let's go through the basics. 1. What should my limit of liability be? The limit...

3 Areas of Practice with High-Cost Malpractice Suits

3 Areas of Practice with High-Cost Malpractice Suits Legal malpractice lawsuits are both time consuming and costly for all law firms, but the average costs of malpractice suits can and often do vary based upon the area of law. While some areas of practice experience a high frequency of malpractice lawsuits, others have experienced much higher severity in terms of costs for defense and settlement. The average cost of defense and settlement for a legal malpractice lawsuit in Oklahoma is approximately...