Policyholder Services

Can OMIC provide coverage for services I render while under contract?

Yes.  If you are an independent contractor and the contracting entity does not provide insurance coverage for you, OMIC will insure you for these activities.

Some contracts contain “hold harmless” or “indemnification” clauses under which you could assume the liability of these third parties.  We strongly recommend that you have all hold harmless, indemnification, or similar clauses deleted from your contracts.   If they cannot be removed, we recommend they be modified to include a similar clause applying to the contracting entity in your favor.

Although the OMIC policy generally excludes coverage for liability assumed under contract, OMIC will insure you for damages and reasonable defense costs you become legally obligated to pay pursuant to a “hold harmless” or indemnification agreement in a written contract between you and a hospital, HMO, private or governmental health insurer, PPO, or similar managed care or health care provider organization.  This coverage applies only for damages arising solely from direct patient treatment by you and solely for professional services incidents otherwise covered by the policy.  Unlike standard defense costs, which are paid in addition to the limits of liability, contractual liability coverage is included within your limits of liability, and all payments made under this coverage are considered payment of damages and reduce your limits of liability.

For more information about hold harmless clauses and your OMIC coverage, you may request a document on the topic through the Risk Management Department.

Updated 8/12/2015

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A-rated by AM Best, OMIC is consistently ranked among the top malpractice insurance companies in America for financial stability. No other carrier has matched OMIC's consistent financial performance with regard to both combined, operating, and surplus ratios, the most relevant financial measurements for an insurance carrier.