Policyholder Services

Can I estimate my premium by using the rate chart?

Yes.  However, your actual premium may be different, depending on your eligibility for discounts.  The chart reflects annual premiums and is broken down by scope of practice and limits of liability for each step of the step-rating process.  To calculate your approximate premium, first find your appropriate step-year by totaling the number of years you have continuously been insured under a claims made policy; and then add one year.  Next, find your class in the left-hand column.  Classes are determined by scope of practice (no surgery or surgery class 1, 2 or 3).  Then, move across the chart to the appropriate column for your desired liability limits. This is the premium you will most likely pay. Special rating may apply if you are requesting prior acts coverage for services rendered in a higher-rated territory or coverage class than the class and territory that apply to your current practice activities.

If you have been insured under a claims made policy for at least four full years, you will be rated at the “mature” step listed on the last row of the rate sheet.  Most applicants with an established practice will already be at a “mature” (fifth year) step. If you are currently insured under an occurrence policy, you will not need prior acts coverage from OMIC and would look at the premiums noted in the “claims made year 1” section of the rate chart.

OMIC will provide you with a quotation for the actual cost after we have reviewed and approved your completed application, although we will be happy to provide you with an estimate at any time.