Office Overhead Expense Insurance Coverage Details

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Features & Benefits

The AMA-sponsored Office Overhead Expense plan, helps pay your practice's covered overhead expenses should a disability prevent you from working. 

Covered overhead expenses:

  • Office rent or mortgage interest payments 
  • Utility bills, including electric, heat , water, gas and telephone 
  • Employees' salaries 
  • Salary of a locum tenens physician 
  • Up to $3,000 for recruiting a locum tenens physician 
  • Premiums for business and malpractice insurance that are tax-deductible as a business expense 
  • Accountant's fees 
  • The monthly average of interest payments on existing business debt for equipment 
  • Other fixed overhead expenses that are normal and customary in operating your business.  
  • The monthly average of taxes and mortgage interest payments on the business premises you own and use in your profession

Expenses not covered include: any remuneration to you (fees, your salary, drawing accounts, profits) or to any other employed physician or partner; the cost of items for which you are not regularly liable; income taxes; payment on the principal of any debt; the cost and depreciation of any office equipment, furniture, fixtures, goods, instruments, merchandise (except those that are essential to the continuing operation of the business or practice during a period of disability; pharmaceutical products pertaining to your profession or occupation); automobile lease payments; or health, dental or personal insurance premiums. 

Choose the right protection for your needs  
Up to a $20,000 per month benefit is available. You can also combine other office overhead coverage with this plan for a total combined benefit of up to $30,000 per month. 

You can also choose the elimination period (30, 60, or 90 days) and benefit period (6, 12, 24 or 36 months) that best fit your unique needs. 

Benefits Paid Directly to You  
You may receive benefits for your actual covered expenses incurred, up to the maximum monthly benefit amount approved for the benefit you choose, once you have satisfied your elimination period. If you are disabled prior to age 65, benefits will continue until the end of the benefit period selected. For total disability that begins on or after age 65, benefits are payable for a maximum of 12 months, but not beyond age 75 (Note: For organ donation, the waiting period is waived).

'Own Occupation' Definition of Disability  
You are considered to be totally disabled when you cannot perform the substantial and material duties of your regular occupation due to injury or sickness and are under the care or supervision of a licensed physician, other than yourself.  To be covered, the sickness must begin or the injury occur while your coverage is in force.

After Death Expense Benefit  
If you should die while insured under this plan and you are receiving benefits, a business estate benefit equal to the covered expenses of closing your office (up to a maximum of four times your monthly benefit) will be payable to your estate. These benefits will be payable to your corporation if you are incorporated or a member of a professional corporation. 

Premiums may be tax-deductible  
This plan has been designed to conform with Internal Revenue Service ruling (550264, I.R.B. 1955-19, p. 8) allowing premiums to be deducted as a business expense. Consult your personal tax advisor for details. 

Waiver of Premium  
After you receive monthly benefits for six continuous months (180 days) due to total disability, all premiums paid from the date of total disability will be refunded and future premiums will be waived until you stop receiving monthly benefits.

Underwritten by: /assets/NYLLOGO_CMYK_Tagline72dpi.jpg
New York Life Insurance Company  

51 Madison Avenue, New York, NY 10010  
On Policy Form GMR-FACE/G- 30682-0 
Under Group Policy No. G-30682-0)  


If you're a physician under age 60, actively performing the full-time duties of your occupation, and not a member of the armed services, you're eligible to apply for this plan. 

All applications are subject to medical underwriting and approval. Any required medical exam will be conducted at your convenience and at no cost to you. AMA membership is not required. 

Effective Date

Your coverage will become effective on the 1st day of the month coinciding with or next following the date your application is approved by New York Life Insurance Company. Coverage will be in force from the effective date, provided you are eligible, actively at work and premiums are paid when due.

Renewability & Termination

Coverage may continue as long as you are an eligible physician under age 75.  Coverage is renewable to the certificate anniversary date following your 75th birthday as long as you remain active in practice, the group policy continues, you pay your premiums when due and you do not enter the armed forces of any country. Coverage will be terminated upon the suspension or revocation, or voluntary surrender in any state, of your license to practice medicine as a result of a criminal act, ethical violation or gross malpractice.


No benefits are payable for disabilities resulting from: intentionally self-inflicted injury; a war or an act of war; committing a crime or an attempt to do so; active military duty in the service of any country; or the use of any narcotic, drug or other substance that is: (a) subject to the Federal or the various state controlled substance acts, unless such prescription was prescribed by a physician other than the insured person, or (b) required by law to be dispensed by a prescription only and used for reasons other than a bona fide medical purpose as it relates to the insured person or for other than the treatment of an existing medical condition.

Benefits will not be paid, or accrued, for any period of time while incarcerated. Benefits are payable either for injury or sickness, but not both, during any concurrent period of disability.

State Availability

This plan is not currently available in:

NH, UT, VT, and WA

Carrier Information

Group Office Overhead Expense Insurance is Underwritten by: /assets/NYLLOGO_CMYK_Tagline72dpi.jpg
New York Life Insurance Company  
51 Madison Avenue, New York, NY 10010
On Policy Form GMR-FACE/G-30682-0
Under Group Policy No. G-30682-0 

New York Life is licensed/authorized to transact business in all of the 50 United States, the District of Columbia, Puerto Rico and Canada. Not all group plans it underwrites are available in all jurisdictions. Please check the applicable insurance brochures for current availability. New York Life's state of domicile is New York, and NAIC ID# is 66915.

AMA Insurance incurs costs in connection with providing oversight and administrative support for this plan, and is reimbursed for these costs. The American Medical Association also incurs certain expenses in connection with the plan and is reimbursed for such expenses. 

This website explains the general purpose of the insurance described, but in no way changes or affects the policy as actually issued. In the event of a discrepancy between this website and the policy, the terms of the policy apply. All benefits are subject to the terms and conditions of the policy. Policy underwritten by New York Life Insurance Company. Exclusions, limitations, reduction of benefits and terms under which the policy may be continued in full or discontinued are detailed in the Certificate of Insurance issued to each insured individual and complete details are in the Group policy issued to the policyholder. This program may vary and may not be available to residents of all states.


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