Policyholder Services

How do I decide whether to purchase prior acts from OMIC or a “tail” from my present carrier?

If your prior coverage was claims made, you have two options when you leave your old company:  you can purchase a tail to preserve the coverage you had with that company or you may be eligible to purchase prior acts coverage from OMIC.  Although, dollar for dollar, tail coverage and prior acts coverage usually cost about the same over a period of time, you will generally benefit by purchasing the prior acts coverage from your new carrier, when available, to avoid the burden of the large, out-of-pocket expense of tail coverage.  In addition, insureds often prefer their current carrier to handle all new claims made against them regardless of when the incident occurred.