Now more than ever before, Americans are confronted by multiple risks that threaten financial assets and lifestyles. Personal liability lawsuits can run in the multi-million dollar range, and in such cases, personal liability insurance alone may not be enough. Chubb Group Personal Excess Liability Insurance provided by OMSNIC, offers an attractive solution for helping to preserve your assets in the face of an ever-increasing array of financial loss exposures.
OMSNIC has provided you, at no additional cost, with an excess liability limit of $1 million with $1 million of uninsured/ underinsured motorist coverage. Group participants can then choose to purchase a range of increased limits and are charged the corresponding premium (shown on table 1 and 2 under the increase your limits page). You do not have to purchase increased limits if you desire not to.
The Chubb Group Personal Excess Liability Policy provided by OMSNIC, offers you and your covered family members with broad protection and liability limits in excess of your primary auto, homeowners, renters, recreational vehicle, motorcycle, and watercraft insurance policies. Coverage includes personal injury and property damages for which you or a covered household member may be legally responsible in the event of a personal liability lawsuit. Large watercraft and personal watercraft are covered on a first dollar basis if rented or furnished for 60 days or less. Defense costs for a covered loss are at Chubb’s expense and in addition to the policy limit.
NOTE: This does not provide additional coverage over your professional liability limits.
Personal injury includes: shock, mental anguish, or mental injury; false arrest, false imprisonment, or wrongful detention; wrongful entry or eviction; malicious prosecution or humilia- tion; libel, slander, defamation of character, or invasion of privacy; bodily injury including sickness or disease that results from physical bodily harm.
The group policy will provide excess liability coverage if a rental property is covered by the participant’s underlying personal homeowners policy and meets the definition of “incidental business property” under the group policy. The definition of “incidental business property” includes the rental of, to be used as a residence, a condominium, apartment unit, one or two family dwellings owned by you, or a three or four family dwelling owned by you.
Professional activities are not included in the coverage, but incidental business or incidental farming activities and property liability are covered by the group liability policy from Chubb, subject to the limitation and exclusions stated in the policy under “business pursuits”.
Coverage is included for a covered person’s actions or failure to act arising from activities as a non-compensated director or officer of a not-for-profit organization.
If you retire you can remain in the group program with its preferred coverage and pricing but you will be responsible for the entire premium including the first $1 million limit. Otherwise, no, the policy is not convertible. We recommend that you talk with your local OMSNIC representative to replace your coverage with an individual policy with Chubb or another insurance company. (There is a 60-day extension for individuals who are no longer eligible for the group, but in no event does such coverage go beyond the expiration date of the policy.)
This Chubb Group Excess Policy from Chubb is intended to replace your existing individual excess liability policy. Not only is the coverage in this program as good as or better than your individual policy but OMSNIC is providing you with $1 million of coverage.
With this program you have the ability to increase your limits to the same level of protection you were receiving before. In fact, you can purchase equal or even higher limits than you previously had for a fraction of what you were previously paying.
When you retire from practice you still have access to this program and will be able to receive the preferred coverage and pricing. As a retired member of OMSNIC you can elect to either continue with the program or not. If you decide to continue the only change is that you will now be responsible for the first $1 million of coverage.
The answer is YES. This is true with underlying policies also. At least it should be. This is a huge added benefit of this umbrella policy because family members of the household are all covered under this policy. That means that if a child of a doctor is hit by an uninsured or underinsured motorist as a pedestrian or riding a bike around the neighborhood this policy will provide coverage for that child. As you may know it is impossible to get a disability policy on child. This policy will pay for disability costs and medical expenses that would be a result of such accident. If the accident is serious enough those expenses could be for the rest of that child's life.
Filing a claim is easy. Call claims, 1-800-CLAIMS-0 (1-800-252-4670), day or night (24/7).