Policyholder Services

What happens to my coverage if I move?

Generally, your coverage will transfer with you when you relocate your practice, but there may be circumstances in which OMIC is not in a position to cover your new practice activities (such as relocation to a territory in which OMIC does not offer insurance). Please contact your underwriting representative as soon as you know you will be moving so that you can discuss possible changes to your policy and what information OMIC requires.

If you are merely relocating your existing practice from one office to another, all that may be needed is the new contact information. However, if the change is significant, such as relocation from one state to another or from group practice to solo, you will probably be asked to complete a short-form application so that we have a better understanding of the scope of your new practice activities and other practice associates.

If you are changing from group practice to solo or vice versa, your coverage may need to be transfered to or from a group policy. To preserve your vesting rights for free tail coverage upon retirement and other member benefits, coverage under your new policy will become effective as of the cancellation date of your previous policy unless otherwise requested.

Relocation from one county or state to another may also affect your premium. If the relocation is from a higher-rated territory to a lower-rated one, your coverage may be hybrid-rated, representing a portion of the old territory’s rate with the new territory’s rate in recognition of the increased exposure for coverage of new claims arising from services rendered in the former territory.

Under certain circumstances, you may decide to purchase tail coverage for your former policy and begin your new policy at the first-year claims made step. This option is generally desired when the employment contract specifies that the employer will purchase tail coverage on the employee’s behalf upon termination of coverage or termination of employment. In most situations, however, your retroactive date will carry forward to your new policy. Your underwriting representative will discuss these options with you.

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

Consistent return of premium.

Publicly-traded insurance companies exist to make profits for shareholders while physician-owned carriers often return profits to their policyholders. Don’t underestimate this benefit; it can add up to tens of thousands of dollars over the course of your career. OMIC has one of the most generous dividend programs for ophthalmologists and has returned more than $90 Million to our members through dividends.