| |
Q & A: Extended Reporting Period ("Tail")
The information presented here was most recently updated on February 21, 2007. Since the policy and underwriting guidelines are subject to change from time to time as approved by OMIC's Board of Directors, you should use this document only for general reference.
|
| |
|
 |
|
|
|
| |
Q.What happens to my coverage if I cancel?
A. You will need to purchase an extended reporting period endorsement from OMIC to continue to be able to report to us claims that arise from services you rendered while you were insured with us. Or, you may purchase prior acts coverage from your new carrier, if it is available.
Back to Top
Q. Does OMIC offer a "tail" when I leave the company?
A. Yes. OMIC guarantees all ophthalmologist insureds the availability of "tail" coverage upon termination. If purchased, the "tail" endorsement will allow for the lifetime reporting of covered claims.
Back to Top
Q. Is the "tail" ever free of charge?
A. Yes. "Tail" coverage is free of charge to physicians who completely retire from the clinical practice of medicine for compensation at any age, provided they have been continuously insured with OMIC a minimum of five years at the time of termination.
Additionally, OMIC will provide a free tail upon death, adjudged incompetency, or permanent and total disability, regardless of age or length insured with OMIC.
Back to Top
Q. If I have to pay for a "tail", how much will it cost?
A. It will depend upon the length of time you've been insured, your retroactive date, and your coverage history. On average, the tail cost will be approximately 185% of the base annual premium in effect at the time of termination but may be more or less depending upon factors such as your claims made step and coverage history. As mentioned previously, you should also investigate the cost of buying prior acts coverage from your new carrier.
Back to Top
|
|
|
|
|
| |
The best decisions are informed decisions, and we want you to be as knowledgeable about OMIC as possible. Although we have attempted to answer the questions most often asked by potential and new insureds, we encourage you to call us at (800) 562-OMIC (6642) or email us at omic@omic.com whenever you require our assistance.
Click here to request an Insurance Application Form
|
