Who may apply for Office Overhead Insurance?
You are eligible to apply if you are under age 65, reside in the United States , and you are working at least 20 hours per week.
What is covered under this policy?
Things such as office rent or mortgage interest payments, employee's salaries, professional association dues, office telephone bills, office utilities, janitorial services, telephone answering service charges, business liability and casualty insurance premiums including professional liability, and other regularly occurring business expenses are all considered reimbursable expenses. It is important to accurately estimate your expenses so as not to pay for more protection than you need (we can only reimburse you for actual expenses incurred that you can substantiate). Our Office Overhead application has a worksheet listing various office expenses that will help you determine the correct amount of coverage for your situation.
What happens if my expenses are less than my total benefit?
Not to worry. We will create a Benefit Bank to allow any unused portion of the benefit you purchased to be used during a month, in the same period of disability, when actual expenses exceed your benefit limit.
Why should I choose Trust Office Overhead Insurance over another carrier?
Trust Office Overhead Insurance is designed by psychologists for psychologists who understand the commitment it takes to have a career in the profession and the duties associated with the practice of psychology. All plans may be continued for as long as you work at least 20 hours per week on a regular basis. You can keep the coverage regardless of age and benefits are payable to reimburse your office expenses while you are disabled and unable to perform the duties of your “occupation." The Trustees are your ombudspersons in working with Liberty, making Trust Office Overhead coverage the insurance of choice among thousands of psychologists.
When do plan benefits become effective and when do they end? Are there exclusions and limitations?
Benefits begin at the end of 28 continuous days of total disability and continue for up to 24 months per period of disability. If unused benefits have accumulated in the Benefit Bank, they will be paid in a month in which your expenses exceed your benefit. Benefits will end when you are no longer totally disabled, when the maximum benefit has been paid, or when you close or sell your office. Benefits are payable only for periods of disability for which you are under the care of a fully licensed physician and you cannot perform the duties of your occupation or profession.
If my disability ends and then returns, will I have to wait another 28 days?
If you become totally disabled from the same or related cause within 6 months, that disability is considered to be part of the same period of disability. In this case, the covered person will not have a new waiting period. Benefits are payable for the remaining months in the period of disability subject to the overall 24 month maximum for a disability.
If you return to work for at least 6 continuous months and become totally disabled again from the same or related cause, this is a new period of disability and the covered person must complete a new waiting period before benefits are payable.
Are there expenses not covered by The Trust Office Overhead Plan?
in excess of your portion when expenses are shared with others in a
professional corporation or a partnership
or federal income taxes or payroll taxes incurred by the member
All or part of the principal portion of any loan of any kind
The cost of equipment or merchandise of any kind including books, periodicals,
stamps, or photocopying
payments which fall due before the end of the waiting period
which are covered under any other group or group type insurance providing
benefits for Office Overhead expenses
of your immediate family or for a person employed to perform your duties
Overhead expenses incurred more than 3 months after the covered person's death
Will benefits be paid for disability resulting from pre-existing conditions?
Benefits will not be paid for a disability caused by pre-existing conditions (conditions which existed prior to being insured by this insurance) for which treatment, including medications or prescriptions, was rendered or charges were incurred within six months before the effective date of insurance. However, pre-existing conditions are covered after six consecutive months (one year for mental illness or emotional disorder) has elapsed where no treatment has been rendered or charges incurred for the condition (this includes medication or prescriptions.)
Are there exceptions to policy benefits?
Yes. Benefits are not payable if a covered person becomes disabled due to: war or an act of war (declared or undeclared) pregnancy that is not a complicated pregnancy intentionally self-inflicted injuries, while sane or insane drugs that are voluntarily taken, ingested or injected, unless as prescribed or administered by a physician active participation in a riot or committing or attempting to commit an indictable offense.
Will The Trust waive my premium while I am disabled?
Following the completion of six months of continuous disability, the premium due will be waived until the first semi-annual payment date which follows recovery or receipt of maximum benefits.
Under what circumstances will my Office Overhead coverage terminate?
Your insurance will terminate on the earliest of the following dates:
date you fail to make any agreed payment of premium within the 31 day grace
date you cease to be gainfully employed as a psychologist on a full-time (at
least 20 hours per week on a regular basis) basis, except for a continuing
date you become a member of the armed services of any country
date the master policy held by the Trustees is terminated
Do I have to prove my insurability when obtaining Office Overhead insurance?
Psychologists who are eligible to enroll in any of the programs of Office Overhead Insurance must submit evidence of insurability when making application. The insurance will not become effective until the first day of the calendar month following the date that Liberty Mutual determines that such evidence is satisfactory.
How often will I pay my premium?
Semi-annual premiums are due each May 1 and November 1. In the event that you enter the plan on any date other than on the first day of a premium due date, the premium will be prorated to the next due date.
Who administers The Trust Office Overhead plan?
This plan is underwritten and administered by Liberty Life Assurance Company of Boston, a Lincoln Financial Group Company. It is the only Office Overhead program endorsed by the American Psychological Association Insurance Trust. The Trust and Liberty Mutual have been working together for over 40 years. A group Office Overhead policy has been issued to the Trustees of The Trust. Each participating member receives a certificate outlining the benefits to which one is entitled under the policy.
How do I file a claim?
Detailed information regarding claims procedures is issued with each new certificate. Promptly report all claims to Liberty Life's Home Office in New Hampshire.
APA Group Insurance Plans
Liberty Life Assurance of Boston, a Lincoln Financial Group Company
P.O. Box 1525
Dover, NH 03821-1525
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