Policyholder Services



I practice in Virginia. Am I required to increase my limits every year?

Under Virginia Statute 8.01-581.15, the total amount recoverable for injury to, or death of, a patient in any verdict returned or judgment entered against a health care provider for services performed on or after 8/1/1999 is limited to a maximum dollar amount. This cap on damages, which is based on the date the incident occurred, was set at $2 million for services rendered between 7/1/2008 and 6/30/2012. Beginning 7/1/2012, the damage cap will increase incrementally by $50,000 each year, until it reaches $3 million for services rendered on or after 7/1/2031.

While Statute 8.01-581.15 limits the damages recoverable in a lawsuit, it does not impose a minimum limit of liability that a health care provider must carry in order to legally practice in Virginia. However, many hospitals, outpatient surgical facilities, and health care organizations will require providers, as a condition of credentialing, to increase their professional liability limits commensurately with the increasing cap on damages.

To assist our Virginia insureds, OMIC offers limits of liability comparable to the state’s damage cap. Insureds have the option to keep their policy limits unchanged or may request an increase in limits to match the current statutory cap on damages. Furthermore, they can request that their limits be adjusted annually as the cap increases.

Please refer to OMIC's Copyright and Disclaimer regarding the contents on this website

Leave a comment



Six reasons OMIC is the best choice for ophthalmologists in America.

#6. Supporting your specialty.

OMIC was founded by members of the American Academy of Ophthalmology nearly a quarter century ago and is the only carrier sponsored and endorsed by AAO. OMIC is also endorsed by 40 other ophthalmic societies. The OMIC partnerships with state and subspecialty societies qualifies their members for an exclusive 8% premium credit. Contact your state society for details.

61864684