Policyholder Services

Why is it important to fill out a renewal questionnaire?

The renewal application process is beneficial not only to OMIC but also to the insured. OMIC seeks current information about the insured’s practice activities and liability exposures as part of our continuous underwriting process. This allows the company to ensure that underwriting standards are met and protects all insureds from unnecessary exposure to loss.  The application process also protects the insured directly by alerting OMIC to changes in practice that may result in uninsured risks. For example, the physician may have begun performing a procedure that is excluded under the policy unless added by endorsement (for example, remote ROP screening). Or perhaps the physician has incorporated.  Entities are insured only if named on the Declarations.  It is important for OMIC to know this information to ensure that our coverage benefits meet your insurance needs. The application also ensures that the proper premium is being charged.  A physician who has reduced his or her scope of practice may qualify for a reduced rating classification.  Or he or she may now qualify for a part-time discount based on a reduction in practice hours.

In most cases, physicians will need to complete a renewal questionnaire only once every three years. Applications are also needed for all other insureds named in the Declarations, including entities, surgery centers, medical spas, employed optometrists, and employed nurse anesthetists.