FAQ: Payments
"What is the Terrorism Risk Insurance Act Premium charge on my invoice?"
This premium fee is associated with the Terrorism Risk Insurance Act of 2002. Terrorism premium is calculated on the basis of your policy’s total premium. If your policy is on a Monthly Equal Pay (MEP) payment plan the terrorism fee is charged at the inception of the policy and then annually at the renewal of your policy. If your policy is on a Monthly Self-Audit (MSA) payment plan the terrorism fee is charged on a pro-rata basis each month.
"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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