Factors in LPL Pricing
A common question from prospective insureds is how much does coverage cost? That is a tough one for which to craft an answer. As you might imagine, some of it depends upon the limit and, to a lesser degree, the deductible. There are also other factors that have an impact, even if in a smaller […]
Read More
What’s in a Name: Professional Liability, Legal Malpractice, Professional Indemnity, and Errors & Omissions
As a lawyer, you probably know that it’s in your best interest to have insurance in place to cover the legal services you provide. When looking into your insurance options, or even in conversations with other lawyers or professionals, you may have come across these terms: professional liability (PL), errors and omissions (E&O), malpractice and […]
Read More
PHIL’S CORNER: What Do Split Limits Mean?
Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim that is sent in our e-newsletter each month. Most professional liability polices provide different limits, or maximum dollar amounts that will be paid, for different areas. This differs from a typical general liability (GL) policy that is normally written on a combined […]
Read More
Claims: Not If but When
The thought of a legal malpractice claim is stressful and unnerving. The truth is, however, lawyers should expect two to three claims in their careers, according to the American Bar Association. It’s not usually a matter of “if” it will happen – but “when.” Even if the claim doesn’t have any merit whatsoever, it still requires attention. […]
Read More
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 […]
Read More
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 […]
Read More
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 […]
Read More
How To Exercise Proper Due Diligence Before Closing the Doors to Your Law Practice
Walking away from a law practice is not as easy as turning off the lights and locking the door. It takes a bit of planning. The more organized your office is, the simpler those steps will be. If you already have a procedure to produce a list of client names and contact information for all […]
Read More
COVID-19 Pandemic Brings Questions About Business Interruption and Loss of Income Coverage
In the last couple of days, you have likely thought more about business interruption (BI)/loss of income coverage than ever before. It is often viewed as one of those “it can’t happen to me” coverages. Thankfully, compared to many other businesses and professions, lawyers can work from most anywhere. But, if the clients won’t come […]
Read More
An Attorney’s Perspective: Why Dividends Matter
As you likely know, the OAMIC Board of Directors recently declared a policy dividend for all policies in effect at the end of 2019. The year 2020 marks OAMIC’s 40th anniversary, and we are so proud to issue this dividend, which is our 26th consecutive one. (Checks are in the mail as I write this!) I’m […]
Read More