About Us

Join OMIC Today: 20 Benefits of OMIC Coverage for Ophthalmologists

Tamara Fountain, MD OMIC Chair 2013-2015

Let’s face it, no one really wants to think about insurance, or the circumstances that might arise one day in which you may need to use it. But you could be passing up tens of thousands of dollars in savings over the course of your career. Give us just a few moments to make a case for switching to OMIC. We’ll make the process quick and easy. Stop subsidizing higher risk specialties and start sharing in the success generated by OMIC’s specialty-specific program. Ophthalmologists insured by OMIC over the past 10 years have received cumulative dividends of nearly $20,000 on average – that represents two years of coverage – paid for by the shared returns credited at renewal. If a steady stream of dividend returns and the recent announcement of lower rates isn’t enough enticement, how about taking a look below at the other benefits of OMIC coverage.

Benefits

PROFESSIONAL
Non-assessable policy, fully portable to all U.S. states, full consent required to settle any claim or lawsuit.

REGULATORY
$100,000 limit for BILLING ERRORS, DEA, EMTALA, HIPAA, STARK, LICENSURE, and DISCIPLINARY proceedings.

DISCIPLINARY
$25,000 limit for DISCIPLINARY and PEER REVIEW proceedings.

CYBER
$100,000 limit for SECURITY, PRIVACY, BREACH RESPONSE, NETWORK ASSETS, MULTIMEDIA proceedings.

PREMISES
$50,000 limit for office premises “slip and fall” cases. (Intended to be limited supplement to Business Owners Policy)

Visit Benefits Page.

Financial

RATING
Rated A “Excellent” by AM Best Company. “Excellent” rating for 20 consecutive years.

SURPLUS
.25 to 1 premium to surplus ratio is 4 times as strong as recommended by NAIC. Better than most other carriers.

DIVIDENDS
$65 Million in dividends declared since inception. Paid in 22 of 28 years. 10% higher avg than peer group.

DISCOUNTS
75% New Physician, (up to) 10% Risk Management, 5% Loss Free, (up to) 65% Part-time, Competitive Group Pricing.

PHILOSOPHY
Return any premium above what is needed to prudently operate the company at the earliest possible opportunity.

Review AM Best Report.

Services

HOTLINE
The only hotline consulting service devoted specifically to the practice of ophthalmology for physician and their staff.

RESOURCES
The comprehensive collection of ophthalmic patient consent forms, case studies, recommendations, sample letters.

COURSES
Approximately 50 courses provided each year at ophthalmic meetings across the country.

REVIEW
Assistance in writing consent language to protect from future litigation. Advice for practice situations.

DEFENSE
Provide indepth review of incidents and counsel panel list with greater understanding of ophthalmic claim defense.

Visit Risk Management Page.

History

FORMATION
Created in 1987 by ophthalmologists who wanted to control the cost / availability of coverage and share profits.

ACADEMY
Created and sponsored exclusively by the American Academy of Ophthalmology. Owned and operated by insureds.

STATES
Endorsed and partners with 40 state ophthalmic societies and D.C. and New England Ophthalmolgical societies.

SUBSPECIALTIES
Endorsed and partners with 3 subspecialty societies, AAPOS, ASOPRS, and The Retina Society.

OTHER ENDORSEMENTS
Endorsed and partners with 5 specialized interest groups, WIO, AUPO, CLAO, AESC.

Visit Partner Page.