Q. How do I apply for coverage with OMIC?
A. You are invited to complete and sign an OMIC application and return it, along with the required attachments, to OMIC, 655 Beach Street, San Francisco, CA 94109. Included in the application kit are OMIC’s Bylaws, a copy of our policy (the terms and conditions of coverage), a rate schedule, and an application.
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Q. Must I be a member of the Academy to apply?
A. Yes. Because OMIC was created and is exclusively sponsored by the Academy, we require that you be a member of the Academy to be eligible for coverage with OMIC. As an Academy member, you are also eligible for many other valuable benefits.
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Q. Can my application on file with the Academy be used?
A. No. Although the Academy's application contains many of the same types of questions, it does not contain all of the information that we, as an insurance carrier, need to evaluate your liability exposure. And because OMIC operates independently from the Academy, we want your application with each organization to be considered confidential.
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Q. Why are there so many questions on the application?
A. OMIC's application serves to gather the kind of information about your ophthalmic practice that we need to be able to underwrite responsibly and responsively and ensure that our coverage benefits meet your insurance needs.
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Q. Whom do I contact if I have any questions about the application?
A. Speak to an underwriting representative at (800) 562-OMIC (6642) between 7:00 a.m. and 4:30 p.m. Pacific Time. At other times, you may leave questions on our automated voice-mail system. Or, you may email us at underwriting@omic.com.
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Q. Do I need to send payment with my application?
A. No. In fact, you should not submit payment until you receive our quote letter, review it, and decide to become an OMIC insured.
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Q. How long will it take to process my application?
A. We recommend that you forward your completed application to us at least 30 days prior to your requested effective date of coverage to allow us ample review time. If you need us to expedite your application review, please notify us and we will do our best to accommodate your needs.
Applications are usually processed based upon the order received and the requested effective date. Review times will vary depending upon the completeness of the application, the level of review required, and the volume of applications received, among other factors. Processing time may take longer if the application is incomplete, if the applicant has prior claims history, or if special review by members of our physician-staffed Underwriting Committee is necessary.
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Q. What does OMIC look for when reviewing my application?
A. We consider a variety of factors that have an impact on your liability exposure, including your training, previous practice experience, claims history, and scope of practice, to verify that your exposure is reasonable based on guidelines established by OMIC's Board of Directors, composed of practicing ophthalmologists like yourself. By doing so, we are able to keep our coverage reasonably priced; your premiums will not be used to subsidize high risk physicians.
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Q. Will OMIC consider me if I have had any claims?
A. Yes. One of the advantages of being insured through OMIC is that we have a committee of experienced, practicing ophthalmologists who review each claim. We know that claims sometimes are simply an unavoidable result of practice in today's litigious environment. While OMIC does consider claims frequency and severity, we also look beyond the "numbers" when evaluating your standard of care and when determining your eligibility for insurance.
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Q. Will I have to complete this detailed application every year?
A. No. Often, you will simply need to answer a one-page questionnaire
to determine whether significant changes have occurred in your practice or exposure.
If there have been changes, you will be asked to also complete an abbreviated
version of the general application to provide OMIC with details of your new activities.
If changes in your practice or liability exposures occur before your renewal,
please notify OMIC as soon as they occur to make sure that you are properly insured.
(See Section V, Coverage Features,
for examples of such changes.)
You may need to complete other short-form questionnaires if you perform refractive
surgery or other procedures that require special underwriting.
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Q. When should I cancel my current policy?
A. You should never cancel your current coverage or allow it to lapse until we have advised you in writing that your application has been approved. Although most applicants are ultimately approved for coverage, occasionally an application may not meet OMIC's conservative underwriting guidelines and may be denied as a result.
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Q. What happens if an application is denied?
A.The applicant will have two choices. When the company determines it
is not in a position to offer coverage, we will notify the applicant of our intent
to decline the application and advise the doctor why we are considering this
decision. The applicant will have the opportunity to request reconsideration
by our Underwriting Committee by sending us additional or clarifying information
within the time period specified in our notice. Or, the physician may withdraw
his/her application and seek coverage elsewhere.
