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Spreading the Risks, Sharing Rewards OMEX is an insurance reciprocal. That means its members pool, or exchange, their insurance coverage and share in both the risks and rewards on a basis determined by the members. Proven concept
Reciprocals are a proven and popular insurance concept among organizations that share a common interest. Today, reciprocals insure Ontario hydroelectric commissions, the majority of the province's school boards, and many of the hospitals and universities across Canada. Municipal corporations in British Columbia and Nunavit are also experiencing great success with a reciprocal. As a reciprocal, we do everything you expect from an insurance company. We issue policies; charge premiums; purchase reinsurance; process claims and ensure adequate reserves are in place to pay future losses; and, provide risk management and loss control advice. All of this is done under the watchful scrutiny of the Financial Services Commission of Ontario and the Insurance Bureau of Canada. Not for Profit insurer
OMEX focuses on cost effective, stable pricing. We are a lean organization with a single-purpose focus. We have no need of, nor do we pay for, elaborate overhead or expensive head office space in a trophy building. As well, we do not have to pay out profits to shareholders or hefty commissions to sales staff. Tax-free, pro-active investment of funds
It can take as long as seven years to settle a major claim. We ensure that all funds reserved for claims are put to productive use by being invested in low-risk, high-yield securities. This provides a tax-free income stream to further reduce member expenses. Financial health
OMEX follows conservative reserving practices. Our financial stability is closely monitored by management, the Board of Directors, the Audit Committee, our independent auditor and actuary as well as the insurance regulators (FSCO). In that way, we ensure that we have adequate reserves in place to pay future claims liabilities and protect the financial health of the Reciprocal and its members. Why OMEX? OMEX can appeal to all sizes of municipalities, both urban and rural, who have the common goal of wanting to take control of the costs associated with managing the day-to-day risks of their operations. Large municipalities
Major cities and regional governments can pay a heavy charge for insurance because of their population densities and high exposure to claims. Most, however, have a full-time risk manager, or another individual who devotes considerable time to this function. OMEX can assist these municipalities in achieving greater control over claims and in moving to higher deductibles which can result in dramatic premium savings for large municipalities. By working closely with the risk manager, we can substantially improve control over the insured environment and the effectiveness of claims processing. Medium-sized municipalities
Smaller cities, large towns and county governments can also achieve more control over the total cost of their insurance program. Most, however, cannot afford a full-time risk manager. OMEX can deliver services that enable these municipalities to understand the risks associated with their operations. We help you gain control of the cost of claims and avoid unnecessary litigation. We provide preventative educational seminars (especially valuable to staff in public works and parks & recreation) and risk management tools that improve the ability of employees to identify risks and prevent claims from arising. We also work closely with your claims adjusters to reduce claims costs through effective management of the claims process. Small municipalities
Townships, villages and rural counties can have difficulties in securing adequate insurance coverage at reasonable premiums. By joining with other Ontario municipalities in a not-for-profit insurance reciprocal, these smaller muncipalities are protected from friction costs and minimum premiums that help drive up their costs and, at the same time, have direct access to experienced risk and insurance professional.
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