FAQ: Payments
"What is the Terrorism Risk Insurance Act Premium charge on my invoice?"
The Terrorism Risk Insurance Act (“TRIA”) of 2002 is a federal law passed in response to 9/11. It requires us to charge policyholders $.02 for each $100 of payroll. For workers’ compensation policies, this charge is mandatory; we cannot waive it. In other lines of insurance, policyholders may choose not to pay the TRIA premium, but there is no such flexibility in workers’ compensation.
The TRIA premium will be “trued up” at audit – in other words, it goes up and down as the policyholder’s payroll goes up and down.
"What is the 'Expense Constant' charge on my invoice?"
This premium is an administrative fee required by the National Council of Compensation Insurance (NCCI) is charged by every carrier for each policy period regardless of premium size. The expense constant contributes to the recovery of expenses common to issuing, recording, and auditing a policy. This expense is charged at the inception of the policy and then annually at the renewal of your policy.
"If my policy is cancelled for non-payment of premium, how can I get it reinstated?"
If your policy is pending cancellation for non-payment of premium, you must pay the past due amount in order to get reinstated. If your policy has been cancelled for non-payment of premium, you must pay the past due amount and submit an ACORD 37 (1/96) Statement of No Losses in order to get reinstated. Remember that there is a 10-day window for policies that have cancelled for non-payment of premium to be considered for reinstatement.
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