Policyholder Services

OMIC Increases Coverage Limit on Policy Benefits

We are pleased to announce that your standard policy benefit limits for all 14 included regulatory and cyber exposures has been increased from $50,000 to $100,000 per policy year effective January 1, 2015. OMIC has monitored the exposures related to administrative practice activities such billing reimbursements for services and electronic storage and transmission of protected health information. In response to an expected rise in the number of Recovery Audit Contractor (RAC) requests and an increase in the number of reported breaches including lost and stolen laptops and devices, OMIC’s Board decided to increase your coverage benefit to help reimburse for unexpected costs associated with these and similar events.

OMIC was one of the first malpractice carriers in the United States to cover its policyholders for proceedings related to billing errors and other regulatory exposures. Over the years the coverage has been continually expanded and enhanced to meet the changing exposures of our insureds’ medical practice, including the rapid move to electronic medical records. OMIC’s standard professional liability policy now provides protection for 14 related events and proceedings.

Broad Regulatory Protection (“BRP”) reimburses insureds for legal expenses relating to regulatory proceedings. These include billing errors proceedings, DEA proceedings, EMTALA proceedings, HIPAA proceedings, covered licensing proceedings, peer reviews, and STARK proceedings. BRP also covers audit expenses related to billing errors proceedings and fines or penalties (where allowed by state law) related to billing errors, EMTALA, HIPAA, and STARK proceedings.

Cyber (“eMD^®”) Protection covers insureds for electronic media exposures and breaches. These include multimedia and security and privacy liabilities, privacy regulatory defense and penalties, security and privacy breach response costs, notification expenses, and support and credit monitoring expenses. eMD^® also covers network asset protection and cyber extortion and terrorism.

For more information on your coverage benefits included within OMIC’s standard professional liability policy, please visit www.omic.com/policyholder/benefits or call your underwriting representative.