What Do ‘Earned’ and ‘Unearned’ Premium Mean?
Just like with the practice of law, the insurance industry seemingly has its own language. If you don’t work in insurance, it can be confusing – and even frustrating – to not understand the product you’re purchasing. To alleviate this, we’ve covered phrases like “claims-made policy,” “split limits” and even the name of the product itself. […]
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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 […]
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Nuts and Bolts: Understanding the Parts of Your Policy
Insurance is what we do. We live and breathe it, so we understand it. However, like lawyers talking to nonlawyers, sometimes it’s easy to forget not everyone knows the terms and phrases associated with our industry. To be sure you understand your policy, we’ve broken down its parts as well as some of the most […]
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How the Number of Attorneys Affects Premiums
I get questions from time to time along the lines of “Why is my insurance twice as much just because I now have two lawyers at the firm instead of one?” I promise this won’t be a primer on insurance, but to really answer that question, we have to back up and look at the […]
Read More 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 […]
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How LPL Works When You Leave Your Firm
When a lawyer leaves a firm we insure, we typically get questions about what to do with regard to the lawyers professional liability insurance (LPL). For the firm they’re leaving, it can be as simple as completing the supplemental application to remove the lawyer from the existing policy. For the lawyer leaving, however, it can […]
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One Less Thing to Worry About When Opening Your Practice
The thought of opening your own practice is thrilling – the prospect of being your own boss and building something all your own is no doubt one of the most exciting endeavors in any profession. However, it can be a little scary too, knowing you’re entirely responsible for every aspect of your livelihood. Ensuring you’ve […]
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Don’t Risk It: Why Even Good Lawyers Need Insurance
As an attorney, you work hard to provide your clients with the best services and advice possible. However, a client who experiences negative outcomes after using your services could present a risk for you. Lawyers professional liability (LPL) insurance is designed to protect you when this happens. Without LPL insurance in place, you could be […]
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Who Is Covered by Your LPL and How Does That Affect Pricing?
When law firms are reviewing our lawyers professional liability (LPL) insurance policy, we are asked a myriad of questions concerning pricing and coverage. While these subjects are important, they can get very detailed and complicated, so it’s important to have a good understanding of the basics of your LPL policy to better understand who and […]
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PHIL’S CORNER: Impact of COVID-19 on LPL Claims – If Any
Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim that is sent in our e-newsletter each month. So far in 2020, claims in our office have been improved both in the number of new matters and the average size of those matters. Is this a false sense of security, the calm […]
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