AIM


About Us

Who AIM Insures

AIM currently insures Alabama and Tennessee attorneys by providing quality professional liability insurance for the private practice of law. The focus of AIM is to insure practicing attorneys ranging from sole practitioners and small firms up to medium size law firms of approximately 50 members whose primary offices are located in Alabama or Tennessee.

 

The Problem

The commercial insurance market (large, for profit insurance companies) historically have not been reliable. The Alabama State Bar for many years endorsed professional liability insurance programs provided by commercial insurers. These programs often proved unsatisfactory and none were permanent. The practicing bar faced the recurring problems of instability in premium rates, unsatisfactory underwriting and claims services, as well as shortcomings in policy coverage. In May 1986 the bar's commercial malpractice insurance program abruptly found itself unable to continue providing the coverage endorsed. Many attorneys were unable to renew their policies and were left without coverage

AIM is Formed with Bar Support

In response to the recurring problems with lawyers' malpractice insurance provided by large, for profit insurers, the Alabama State Bar's Insurance Programs Committee undertook a study beginning in 1986 to determine the feasibility of forming a "captive" insurance company dedicated solely to serving the needs of Alabama attorneys. Thereafter, AIM was incorporated on May 19, 1988. Initially 1,665 Alabama attorneys purchased "units" (more commonly referred to as debentures) to capitalize and start AIM. It commenced operation and issued its first policy on July 1, 1989. The sale of "units" was suspended on May 15, 2000. By that time, AIM had acquired a strong capital base through the support of 3,099 members of the bar who purchased "units."

In 2010, AIM's Board of Directors saw the importance of providing AIM with the corporate and legal basis to continue to be successful in the years ahead. It unanimously recommended to the membership of AIM that the company be redomesticated to the District of Columbia to become a mutual risk retention group in order to take advantage of the federal Risk Retention Act of 1986. Members participating in a special meeting on June 28, 2010, approved the recommendation by an overwhelming 90% majority. AIM successfully redomesticated to the District of Columbia on August 11, 2010, becoming a mutual risk retention group. AIM became qualified to write  legal malpractice insurance in Tennessee in June 2011.

What is AIM?

AIM is an independent District of Columbia corporation and mutual risk retention group providing attorneys with legal malpractice insurance. Presently, only Alabama and Tennessee attorneys are eligible insureds. As a mutual risk retention group, AIM is owned by its member insureds. As such, it does not operate to make profit for shareholders but exists solely for the benefit of its insureds. AIM's Board of Directors is comprised entirely of attorneys who are committed to the concept of providing the best service to attorneys needing malpractice insurance. It operates responsibly and offers insureds a personal touch in their malpractice insurance needs. AIM has become known for its sympathetic handling of insured's claims and providing a vigorous defense against unmeritorious claims. It operates out of its corporate office located in the greater Birmingham, Alabama, area. It is a direct writer of insurance. AIM uses no agents in order to reduce costs and insure the highest quality of service to its insureds.

AIM's Mission: Service, Not Profit!

 AIM is dedicated to providing a continuous source of malpractice insurance for attorneys in the states of Alabama and Tennessee. It is committed to maintaining the highest quality of service to its insureds. It provides malpractice insurance at reasonable rates so as to avoid year-to-year price swings. AIM provides timely application processing, prompt claims handling and even free malpractice seminars with CLE credit for its insureds!

See Also:

 

 

 

 

Attorneys Insurance Mutual of the South, Inc., 
Risk Retention Group

200 Inverness Parkway
Birmingham, Alabama 35242
Telephone 205-980-0009
Toll Free 800-526-1246
Fax 205-980-9009

2013 Attorneys Insurance Mutual of the South, Inc., Risk Retention Group