For more detailed information about OMIC's professional liability insurance, please go to the Insurance Reference Q&A. For a concise summary of OMIC's refractive surgery coverage including applications and consent forms, please see our Refractive Surgery page.
On a regular basis, OMIC answers specific coverage questions about our professional liability insurance. Current questions are available in the Announcements section under What's New
Who is covered?
OMIC offers coverage to ophthalmic solo and group practitioners and their medical professional entities. In addition, OMIC offers coverage to business entities such as freestanding surgicenters, optical shops and eye banks. Coverage also is available for optometrists and nurse anesthetists employed by OMIC-insureds.
Where is coverage available?
Coverage is available in and transferable to Washington DC and any of the 50 states. Coverage in Wisconsin is limited to eye banks.
What procedures are covered?
OMIC offers several coverage classification options depending on the ophthalmologist's scope of practice. Please click here for a detailed listing of the procedures permitted under each coverage class. Coverage for refractive surgery, including photorefractive keratectomy (PRK), laser assisted in-situ keratomileusis (LASIK), refractive lens exchange (RLE), and others, may be added by endorsement following underwriting review and approval. Coverage for certain cosmetic procedures such as full facelifts and liposuction is subject to underwriting review and payment of additional premium.
What are the coverage limits?
OMIC offers various limits ranging from $500,000 per claim/$1,500,000 annual aggregate to $5 million per claim/$10 million annual aggregate. Lower limits are available to doctors who participate in their state's patient compensation fund.
What are the policy premiums?
OMIC's competitive, stable rates are based on ophthalmic loss experience. Rates vary geographically.
What premium discounts are available?
- Group discount and/or deductible for qualifying groups of three or more ophthalmologists.
- New doctor discount for ophthalmologists in their first four years of private practice.
- Part-time discount for qualified ophthalmologists who practice 20 hours or less per week.
- Risk management discount for ophthalmologists who attend OMIC-sponsored programs.
- Loss-free discount for ophthalmologists who have had favorable claims experience.
When is a free tail provided?
Policyholders insured with OMIC for at least five years receive a free tail upon permanent retirement at any age. Tail coverage is provided free of charge upon death or total permanent disability of the policyholder, regardless of age or length of time insured.
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