TRIA Reauthorized and OMIC’s Terrorism Insurance Coverage Endorsement Reinstated

Congress passed the Terrorism Risk Insurance Act (TRIA) in 2002, creating a temporary federal “backstop” for insurance claims related to acts of terrorism. It had been extended several times, and expired 12/31/2014. However, Congress recently passed and the President signed into law a reauthorization bill extending TRIA through 2020. Therefore, OMIC has reinstated the Terrorism Insurance Coverage Endorsement (OMC162), which was briefly removed from all OMIC policies when TRIA expired. This endorsement covers otherwise insured damages arising out of certified acts of terrorism. OMIC provides this benefit to all of its policyholders free of charge. The reauthorization legislation made some changes to the program. It decreases the federal share of compensation for insured losses from 85% to 80% and raises the program trigger amount in total losses from $100 million to $200 million, both incrementally over five years. OMIC has revised its Endorsement OMC162, effective 1/1/2015, accordingly. See it here: TRIA Endorsement OMC162 1 17 2015.

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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.