Policyholder Services

OMIC Announces COVID-19 Premium Credit for Policyholders

April 10, 2020

We understand the COVID-19 pandemic is severely impacting you both emotionally and financially. Like you, OMIC’s Board of practicing ophthalmologists has been forced to cease or severely limit practice during the COVID-19 pandemic. The effects on all of us will be felt for some time. Ultimately, we know that the resiliency of the ophthalmic community will help us pull through these challenging times.

While it is too early to fully understand the impact the COVID-19 outbreak will have on OMIC with regard to claims activity or financial strain, it is clear we must act now in support of our members. Some of you have reached out to request policy changes or payment deferrals as you try to cope with the financial burden caused by this unprecedented situation. We recognize this has added another administrative task for you at a time of incredible stress and frustration.

Therefore, in lieu of making individual changes to policies in response to COVID-19, OMIC has decided to apply a credit equal to 50% of your quarterly premium (i.e., a 12.5% credit based on your current annual premium) for all OMIC insureds. This across-the-board adjustment will automatically be applied to your policy in May 2020; you do not need to do anything to qualify. If the adjustment results in a credit balance on your account, the credit will either be carried forward to your renewal premium (depending upon your renewal date), or OMIC will issue you a refund.

After considerable discussion, we feel this is the best way to support you since premium relief in the form of policy credits avoids the hassle and tax implications of other types of distributions.

As you are aware, OMIC had already declared a 15% dividend in 2019 that is applied to physician-insureds’ 2020 policy renewals. The special credit for COVID-19 will be in addition to that dividend (as well as any other discounts you may qualify for including loss free and risk management credits).

OMIC requests that those insureds able to pay by their original due date do so, but will extend due dates up to 90 days from the invoice due date, through September 30, 2020, for those who need extra time to make payments. (Please note that, depending upon your billing cycle, this may mean that two quarterly installments become payable at or around the same time.)

Please continue to monitor OMIC.com for news, information, and resources related to the COVID-19 pandemic. From all of us at OMIC, thank you for your continued support.

Dan Briceland, OMIC, Chair

Tim Padovese, OMIC President and CEO

>> Continue to the OMIC COVID-19 Information and Resource Page