When an attorney begins coverage with OAMIC, their exposure is less because the work OAMIC insures has just started. We pass along that reduced risk by giving you a discount on your premium. This discounts is called a “step rate credit.”

Every attorney new to OAMIC coverage enters as a step 1 and moves up one step annually for the first 7 years, until they reach step 7. Your step rate is not a reflection of the number of years you’ve been in practice, only how many years of prior acts are being covered. See our Claims Made Policy Information page to learn more about prior acts.

Because of the nature of legal malpractice insurance claims, the underwriting risk for an attorney does not fully mature until there is approximately 6 full years of prior exposure that is insured. The step rate credit is highest – meaning the premium owed is lowest – during the first year of coverage and is gradually reduced in each subsequent year as the exposure and risk associated with the insurance policy matures. So, your premium owed will increase for those first 7 years as the credit is reduced.