Our History
Oklahoma Attorneys Mutual Insurance Company was started by members of the Oklahoma Bar Association in 1980 as a stock insurance company under the name of Oklahoma Bar Professional Liability Insurance Company (OBPLIC). The company was converted to a mutual insurer in 1994 and the name changed to Oklahoma Attorneys Mutual Insurance Company (OAMIC).
OAMIC policyholders, as owners of the company, continue to reap the benefits of the original investment by Oklahoma attorneys with competitive rates, broad coverage, and policy dividends. In addition, policyholders receive the benefit of dealing with local management and a Board comprised solely of Oklahoma lawyers.
It is easy to see why OAMIC can still lay claim to the original phrase, “Owned by Oklahoma lawyers, for the benefit of Oklahoma lawyers.”
Assurance
Your policy represents our assurance. Certainly the value of that assurance can be measured by our financial strength and our commitment to the members of the Oklahoma Bar as evidenced by our continued service since 1980.
The assurance given over that time has been to provide a stable lawyers' professional liability insurance market for Oklahoma attorneys. We have continuously worked to achieve this goal. That effort has been very successful.
Over the years OAMIC has developed the most extensive databank of loss information for Oklahoma lawyers. This information has enabled us to develop a realistic pricing structure, reflecting Oklahoma's experience and exposure. In addition, this information gives unique insights in providing risk management advice to law firms throughout the state.
Invested Assets
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Method
We recognize that law practices differ in scope and exposure. Often our consultation with you centers on these differentiating factors and the optimal limits and deductibles which best meet your needs.
You should consider items such as area of practice, value of cases to be handled, and assets to be protected when considering limits of liability. OAMIC limits begin at $100,000 per claim and $300,000 aggregate, with maximums up to $5mil/$5mil. Specially structured reinsurance arrangements allow us to provide up to $ 10mil on a case by case basis, for firms with those needs.
Another benefit of your OAMIC policy is an additional sub-limit for claims defense costs. This "claims expense allowance" is equal to the lesser of $100,000 or 50% of the per claim limit.
Insured Firms and Insured Lawyers
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Intent
Our primary intent is the preservation of our policyholders' professional reputations and financial well being. In today's world, some risk is attached to the practice of law and we take every opportunity to work with our insureds as partners in managing these risks.
Broadening exposures from changing standards, more expansive theories of liability and increasingly complex claim theories make it unreasonable to practice without coverage. Insurance is the mechanism for the transfer of risk and is probably the most cost efficient manner of managing risk for most people.
We recognize that your professional reputation is your greatest asset. We strive hard to protect that asset, as our reputation is intertwined with yours.
Net Reserve
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Commitment
OAMIC's sole business and total focus is Oklahoma's lawyers and the Oklahoma legal community. Our commitment to you as your insurer is strong.
In the midst of a changing world, both within the insurance industry and the practice of law, we are continually looking for ways to be of further service, whether through additional products or financial services. We know your needs may change as the world changes.
Recently we have teamed with the Bar Association in continuing legal education efforts and in helping to strengthen the Lawyers Helping Lawyers program. We feel certain additional opportunities will arise which will be of benefit to you.
Policyholders' Surplus Net/Assets
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