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The Facts Behind Choosing A Limit of Liability for Ophthalmologists
The most common limit of liability, $1,000,000 per claim/$3,000,000 annual aggregate, is carried by more than 61% of OMIC’s insured ophthalmologists. Nearly 30% carry limits of $2,000,000/$4,000,000 or higher, and approximately 9% carry limits of $500,000/$1,500,000 or less. However, limit preferences vary geographically and by subspecialty. Physicians in states with patient compensation funds often carry the minimum limits of liability required for participation in the state fund, which vary by state but are less than $1,000,000/$3,000,000, and the fund insures losses above that limit. Limits higher than $1,000,000/$3,000,000 are more common in certain areas of the country, such as the Carolinas, Nevada, and parts of New England. In Virginia, most hospitals require that physicians maintain limits equal to the state’s cap on damages to qualify for staff privileges. Therefore, nearly all insured physicians in Virginia carry limits of at least $2,100,000/$6,300,000. Physicians in higher-risk specialties such as Anterior Segment, Pediatric Ophthalmology, Retina, and Refractive Surgery are more likely than those in other specialties to carry limits above $1,000,000 per claim, while physicians who specialize in Glaucoma and Neuro-ophthalmology are more likely than those in other specialties to carry limits lower than $1,000,000 per claim.
What should I consider in deciding the limits I should carry?
To help you determine which limits are most appropriate for your practice, OMIC account representatives can provide you with statistics regarding the limits of liability carried by most insureds, OMIC’s average indemnity payment, OMIC’s highest indemnity payment, and your state’s risk relativity in relation to other states.
The most commonly carried professional liability limit is $1,000,000 per claim/$3,000,000 aggregate, but OMIC offers an array of limits, from $500,000 per claim/$1,500,000 aggregate to $5,000,000 per claim/$10,000,000 aggregate.
Lower limits of $100,000/$300,000, $200,000/$600,000, $250,000/$750,000, and $500,000/$1,000,000 are available to physicians who participate in their state’s patient compensation or excess liability funds (Louisiana; Kansas and South Carolina; Indiana; and Nebraska, respectively).
You may generally request an increase or decrease in your limits of liability at any time during the policy period. All requests for limit changes are subject to underwriting review and approval.
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