OIP News - Protection for the Long Run

The insurance market can be volatile at times. Plus, in some years there are many claims and in other years there are fewer claims. Wouldn’t it be good if these cycles could be managed so that your insurance premiums remain stable from year to year?

The OIP is designed to achieve that. Through its Rate Stabilization Program for commercial coverage, the OIP sets aside a certain percentage of premiums every year to be used to offset those years when claims experience is higher than expected.

The result is that over the last five years, there has been no increase in commercial premium to the OIP program even as we paid out over $6,000,000 in claims! At the same time that we have safeguarded member interests, we have seen a 20% decrease in commercial premium paid by members in the past three years.

For more information on this and other aspects of OIP coverage, contact Pottruff & Smith Insurance Brokers Inc.,program administrator at 1.888.681.2862.